FREDERICK, MD-Wells Fargo Home Mortgage's decides to stay put and renews its lease on 201,300 sf of space at the 18-structure, 750,000-sf I-270 Technology Park for a five year period. The deal includes an option to renew the lease for two additional five-year periods.
WASHINGTON, DC-A $25 million affordable housing package is made available through the city's Department of Housing and Community Development, and Requests for Proposals go out to potential developers. The funding will provide for new and redeveloped housing for low and very low-income residents.
DULLES, VA-McLean, VA's Aviation Facilities Co. Inc. sells a 95% stake in Dulles Airport's Cargo Building 5. AFCO retains a 5% interest in the 285,000-sf distribution facility, as well as management and leasing responsibilities.
CHESAPEAKE, VA-Automotive systems supplier Visteon Corporation will open a $17 million, 73,000-sf manufacturing plant in the Crossways Commerce Center I warehouse structure next spring. The space, which leases for $3.99-per-sf, was once a Volvo manufacturing plant and will employ about 42 workers.
HERNDON, VA-The 228,400-sf Monument IV, the third of four class A office structures in the Monument at Worldgate Centre development, has been sold in a deal worth a reported $49 million. The nine-story building is completely leased to Fannie Mae until 2011.
WASHINGTON, DC-A US Department of the Treasury official goes on record--as does the President, once again--to highlight the devastating economic effect of the absence of terrorism insurance legislation. The Treasury Dept.'s Peter Fisher says the problem is evident when looking at commercial real estate.
SALEM, VA-US Foodservice picks its Roanoke County facility to increase area distribution efforts with a $22-million expansion of the 275,000-sf distribution center. The company will add 125,000 sf to its Salem location.
BALTIMORE-Work begins on the $5-million mixed-income residential community dubbed Broadway Overlook with a recent groundbreaking ceremony. The 166-unit residential project will reserve 86 townhouse-style apartments for rent to low- and middle-income citizens.
BALTIMORE, MD-Plans for a 200-room Four Seasons Hotel shape up with H&S Properties Development Corp.'s commitment to build the $100-million development. The luxury property will ultimately include 25 high-end rental apartment units, as well as an undetermined number of condominiums.
ROCKVILLE, MD-The Institute for Genomic Research joins The Institute for Biological Energy Alternatives and The Center for the Advancement of Genomics to lease space for a new 40,000-sf DNA sequencing facility. The organizations are choosing between two undisclosed buildings in Rockville.