The six, which are expected to occupy the building in June, are: ViaGlobal, which took 6,007 sf; Bignell Watkins Hasser, which is occupying 15,051 sf; Wrightwood Capital will be in 2,200 sf; Norden Tankers and Bulkers took 3,784 sf; Wood MacKenzie, 8,732 sf, and Towne Park inked a lease for 12,207 sf. Merrill Lynch expanded into 3,351 sf. Existing office tenants include SensorCom, Building Owners & Managers Institute, Merrill Lynch and Pharmathene.
[IMGCAP(2)]Jeff Bach and Joe Ruzecki of CB Richard Ellis are handling the office leasing. Asking rates for the building are $30 per sf to $35 per sf, full service, Bach tells GlobeSt.com.
Park Place is being developed by Jerome J. Parks Cos., an Annapolis-based developer of urban and waterfront properties. The project will also deliver a second, 110,000-sf office building. All together, the project includes 245,000 sf of office, 65,000 sf of retail and 216 luxury residential. Phase 11, which includes the second office building, will be completed in August, Bach says.
With the first building close to 90% leased, he doesn't anticipate that demand will not meet up with the forthcoming supply. "Demand is coming from mid-sized users in this market," he says. "There are few full floor users; rather, we are seeing more activity in 5,000-sf to 15,000-sf user base."
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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.
