Intermedia's lease with CC II Realty, an entity owned and advised by Citicorp Real Estate Inc., runs for 10 years. The company currently occupies about 70,000 sf in Beltsville, MD, but it needed a larger layout in order to grow, according to brokers.
"The whole market's tightened up. Demand is out there and there are no new deliveries," says Dave DiNardo, the Grubb & Ellis broker who represented the lessor. The last new local offices added were at the Capital Office Park in the early 1990s, and they have long been fully leased. "Prince George's County is not a real deep market."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
