Verizon Renews 38,450 SF in Landover

LANDOVER, MD-Verizon Maryland has renewed 38,450 square feet here in a multi-tenant industrial building owned by Morgan Stanley. The lease keeps the 120,000 square foot or so building at full occupancy, Transwestern’s Brian Watts tells GlobeSt.com. Watts, along with colleagues Tom Gentner, Mike Glagola and Michael Phipps, represented the landlord. Todd Bosley and Tim Jaeger of CBRE represented the tenant in the transaction. Asking rate is $7.25 triple net per square foot in the building, which is located at 3201 Hubbard Rd., Watts also says.

Rrenewals have become the life blood of every asset class in the DC area, from office to industrial and retail. Still, though, this lease–along with others–suggest that pockets of industrial markets are maintaining a strong hold on their tenants. Landover is one area for various reasons, starting with its proximity to the DC market. For example, the building in which Verizon has renewed–called Washington Commerce Center–is located at the intersection of Landover Road (Route 202) and Martin Luther King Jr. Boulevard (Route 704)–less than 15 miles from Reagan National Airport, and less than 25 miles from BWI Airport. Another factor in Landover’s favor, Watts says, is that “pricing is considerably cheaper here compared to Montgomery County and Northern Virginia.”