The next project the duo will likely tackle is an office development on a plot of land in Rockville, MD controlled by both firms."New Boston Fund is capable of developing two buildings on the 5.5 acre site, which is located at the intersection of Route 28 and Gude Drive in Rockville, MD." This, and other projects, is part of the fund's increased focus on the Mid-Atlantic region, Connell says. In an interview with GlobeSt.com earlier this summer, Connell said the firm plans on investing some $150 million for the reminder of the year in the region. The company is also redeploying its workforce to emphasize sales and development here; in January an acquisitions officer will move to Washington, DC from the Boston area. The company will also be adding a development officer to the Mid-Atlantic office.

New Boston Fund entered the DC market in 1999 with the development of Virginia Square Plaza at 3811 North Fairfax Dr. in Arlington, an office asset that it later sold to Principal Financial Group for $51.8 million in 2003. In June it sold 2000 Corporate Ridge in McLean to Stephen A. Goldberg Co.

Trammell Crow Co. brokers Spencer Stouffer, Tim Summers and Jim McGowan are handling leasing at 5155 Parkstone Dr. "We are quoting prices in the high 20s for full service," Connell says, which is average for the area. He anticipates that the building will be fully leased in six to nine months.