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."
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