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Opus East Breaks Ground on $40M Office

LINTHICUM HEIGHTS, MD-Weeks before groundbreaking was scheduled for the spec property, and before a broker was selected, Northrop Grumman serendipitously snagged a full-building lease.

By Erika Morphy | Updated on July 15, 2008

LINTHICUM HEIGHTS, MD-Opus East has broken ground on a 160,000-sf, class A office that it is developing here in the West*Quest Technology Park–a $40 million spec investment that by happenstance recently became fully leased. Earlier this month, the developer inked a full building, 10-year lease with Northrop Grumman Corp., finalizing the deal even before it had selected a broker to market the property, Matt Holbrook, senior director of real estate for Opus East, tells GlobeSt.com.

“We purchased the [9.5-acre] land last year with the full expectation to build speculatively,” Holbrook says. “We bought the property, started the design process, started the entitlement process and began interviewing brokers for the building.” Then, several weeks before groundbreaking was scheduled, he says, the company found itself “pleasantly surprised to be in serious negotiations with Northrop.” At that point Opus hadn’t made a final choice of broker and decided to move forward with the lease negotiations on its own. The asking rate for the building, had it gone to market, would have been $31 per sf to $32 per sf, full service, he says.

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