Engineering Firm's Lease Triggers Build-to-Suit

LAUREL, MD-Development of a build-to-suit property has been initiated by engineering consulting firm Greenhorne & O’Mara’s agreement to lease the proposed 65,000-sf structure at the 36-acre Konterra at Sweitzer Lane office park. With the assistance of commercial real estate services firm Studley, Greenhorne committed to a 12-year lease of the space with property owner 1325 G Street Associates LLP, which represented itself in the deal.

Financial terms of the lease and the development costs have yet to be released; however, class A office space in the Northern submarket of Prince George’s County generally goes for $21.50 per sf, according to Advantis Real Estate Services Co.’s First Quarter 2004 Office Market Report.