McLEAN, VA-Global construction company Contrack Watts renewed a 19,770-square-foot, long-term lease at 6862 Elm St., a 102,498-square fdoot boutique office building in downtown McLean, owned by JBG Cos. Transwestern Senior Vice President Bernie McKeever and Vice President Bernie McKeever Jr. represented Contrack Watts in the transaction. JBG Cos. was represented in-house by Vice President Andrea Murray and Associate Kaitlyn Rausse.
“We were able to save a substantial amount of money for Contrack Watts by renewing the lease two years early and leveraging the current market conditions in Tysons,” said McKeever, adding that McLean is a relatively small, so retaining a lease of this size is a significant win for that submarket.”
Contrack Watts has occupied the space since 2008. The lease renewal includes provisions for bathroom renovations, HVAC unit replacements and cosmetic updates such as fresh paint and carpets.
Design Foundry Takes 42,863-SF of Flex Space
LANDOVER, MD--Design Foundry has signed a lease for 42,863-square-feet of flex space at 6500 Sheriff Rd.. Transwestern Senior Associate Jason Sullivan, Vice President Jeff Groves and Senior Vice President Brian Watts represented the tenant and building owner Exeter Property Group was represented in-house by principal Scott Dougherty.
Design Foundry previously occupied 1851 South Club Drive in Hyattsville.
The Suburban Maryland flex/industrial market performed well in the second quarter of 2016, with net absorption totaling 564,000 square feet, and the direct vacancy rate dropping by 20 basis points to 8.3%, according to Transwestern research.
McLEAN, VA-Global construction company Contrack Watts renewed a 19,770-square-foot, long-term lease at 6862 Elm St., a 102,498-square fdoot boutique office building in downtown McLean, owned by JBG Cos. Transwestern Senior Vice President Bernie McKeever and Vice President Bernie McKeever Jr. represented Contrack Watts in the transaction. JBG Cos. was represented in-house by Vice President Andrea Murray and Associate Kaitlyn Rausse.
“We were able to save a substantial amount of money for Contrack Watts by renewing the lease two years early and leveraging the current market conditions in Tysons,” said McKeever, adding that McLean is a relatively small, so retaining a lease of this size is a significant win for that submarket.”
Contrack Watts has occupied the space since 2008. The lease renewal includes provisions for bathroom renovations, HVAC unit replacements and cosmetic updates such as fresh paint and carpets.
Design Foundry Takes 42,863-SF of Flex Space
LANDOVER, MD--Design Foundry has signed a lease for 42,863-square-feet of flex space at 6500 Sheriff Rd.. Transwestern Senior Associate Jason Sullivan, Vice President Jeff Groves and Senior Vice President Brian Watts represented the tenant and building owner Exeter Property Group was represented in-house by principal Scott Dougherty.
Design Foundry previously occupied 1851 South Club Drive in Hyattsville.
The Suburban Maryland flex/industrial market performed well in the second quarter of 2016, with net absorption totaling 564,000 square feet, and the direct vacancy rate dropping by 20 basis points to 8.3%, according to Transwestern research.
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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.
