One building, Lockheed Martin I, is located at 9211 Corporate Blvd. Built in 1989, it is 115,282 sf. Lockheed Martin II is 115,315 sf and located at 9221 Corporate Blvd. Keith Foery and Jovi McAndrew of Transwestern represented Piedmont; Lockheed was represented by Holly Kinkeade and Bernie McCarthy of Jones Lang LaSalle.
The lease renewals delivers a well-timed boost to the suburban Maryland submarkets where overall vacancy rates rose to 12.9% in Q1, from a 2007 rate of 12.2%, according to GVA Advantis. Montgomery County, though, including Rockville proved to be the exception; Rockville's vacancy rate decreased to 7.2% from 8.1%.
Other leases inked here in Q1 include the Nuclear Regulatory Commission's 75,000-sf lease at 21 Church St., which delivered in October 2007. InvestorPlace Media also signed a lease for 45,665 sf at 9201 Corporate Blvd.
"The office market in Montgomery County has historically been a stable market which is taking on greater importance today, and will provide us with opportunities going forward," says Ken Mulrane, VP for Piedmont. Piedmont also owns Shady Grove V in Rockville, under lease to the US Food and Drug Administration.
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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.
