HERNDON, VA-Linden Resources has renewed anindustrial lease totaling 50,664 square feet here. Thecompany occupies part of one facility in the nine-asset parklocated on Redskin Drive. The building encompasses two blocks andtotals 146,988 square feet. It has a bay of 7,920 feet available.OTR is the landlord, which was represented byCushman & Wakefield’s Jon Lawrence andMichael Stuart. Sean Weidlein ofCBRE repped the tenant.
Overall, the park is about 90% occupied and its asking ratesrange from $7.25 to $9 per square foot, triple net. The tenantrenewed early because it wanted to do some work and needed thecertainty of having a new lease in place, Lawrence tellsGlobeSt.com. It was a welcome move by the landlord, given thestill-soft Route 28 market.
“Development has been slow here, but so has leasing activity,”Lawrence adds. “I would call it a sideways rate of activitynow.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
