Manekin Vice President Matthew J. Haas, who handles leasing and sales of the campus with broker Joe Bradley, couldn't provide development costs just yet for the latest addition to the $60-million mixed-use project, but he did tell GlobeSt.com that it would be another 100,000-sf, five-story building similar to the one it recently completed. "We should be breaking ground on it by the end of the year," he says.
Water's Edge Corporate Campus, being co-developed with Clark Turner Cos., is situated at the intersection of routes 40 and 543. At build-out, the 467,000-sf campus will have four office buildings and eight single-story office/service buildings.
Manekin and Clark began developing the site in late 2002. Since then, Haas says local business, employment, traffic and real estate trends have shifted dramatically as a result of the fed's Base Realignment and Closure plan due to its proximity to the US Army's Aberdeen Proving Ground.
Haas says demand for space in the park has reached a fever pitch. For the third, newly completed building at 4694 Millennium Dr., he says "it is clear that demand for space will outstrip supply." Haas estimates the building will be fully leased by year's end.
One of the park's earliest tenants, Survice Engineering Co., a 25-year-old small business defense contractor, in fact has purchased the top floor of 4694 Millennium Dr. to solidify its foothold in the area. Haas says Survice purchased the 20,000-sf space for $4.5 million. The buyer will occupy 8,000 sf and sublease 8,000 sf to Mitre Corp. and 3,000 sf to Engineering and Professional Services Corp., according to Haas.
Tenants in Water's Edge first two office buildings include GW Stephens & Associates, SafeNet; Logistics Management Institute, Applied Research, Regal Decisions, STEM International, TSLP, Booz Allen Hamilton, Ellin & Tucker, D&S Consulting and MSA. Bay Gull Grill, Henning & Cole and Ranstad occupy the park's office/service building. Office space is quoted at $17.50 triple net.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
