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TSC Renews Lease in Tight Silver Spring Market

SILVER SPRING, MD-The technology firm will lease its 30,000 sf in a building where rental rates average between $25.50 to $26.50 per sf.

By Erika Morphy | Updated on October 30, 2006

SILVER SPRING, MD-Technology Service Corp. has renewed its 30,782 sf of space at 962 Wayne Ave. in Silver Spring, Md., in a seven-year lease negotiated by Cassidy & Pinkard Colliers. The high tech firm has occupied the 91,000-sf, class B building since 1998, according to industry records. Paul Darr, Dale Powell and Paul Kern represented Technology Service Corp. in the transaction.

Currently, says Tonya Ginter, vice president of research for GVA Advantis, there is close to 25,000 sf of space still available in the building on the fourth, sixth and eighth floors. “Within those blocs, the asking price for rent is between $25.50 per sf to $26.50 per sf.” That is slightly more than the average for a similar building in the submarket, she notes, but not an unreasonable increase considering it is an asking price.

The Silver Spring market has undergone a virtual renaissance over the last few years thanks to significant redevelopment of the downtown area. Landmark buildings have included the construction of the new Discovery Office building in the early 2000s as well as a multitude of mixed use and retail projects concentrated in the Georgia-Wayne-Fenton street grid.

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