Category: Company News

Prince George’s is open for business

Company News
Washington Business Journal – by Rushern L. Baker III

Date: Friday, April 22, 2011, 6:00am EDT

To bring about real, sustainable and positive change in Prince George’s County, we must transform our fundamental approach to economic development.

This means focusing not only on big exciting projects such as National Harbor or Konterra, but also on having a more comprehensive, holistic approach toward creating a stronger county.

I firmly believe that through economic development we can create strong, safe neighborhoods, high-performing schools and good jobs with livable wages for our residents.

The new paradigm for economic development in Prince George’s County must be:

Responsive: An economic development program must address the needs of both the business …

Read more: Prince George’s is open for business | Washington Business Journal

BRAC Is Happening Sooner

Company News

By Elizabeth P. Daily, Vice President, NAI Michael

The long anticipated moves by the military and contractors onto the Maryland bases are going to happen earlier than what had been projected.

I have been following these moves for sometime and now know that the projected deadline of September 2011 is just a deadline, not when the actual moves will happen.

DISA’s move into Fort Meade, as an example, will really be in high gear this spring with the move from Arlington since their building is 97% completed. Currently the 5,000 + staff have been in a holding position in Arlington due to the “finish” schedule of their new 1,000,000 foot facility on the Fort Meade Campus. The DISA staff on the Campus have been waiting for the completion of their new building.

The large contractors working in this space have already taken blocks of space near the Base so that it can be projected to tighten the space availability. The mid level contractors who are postponing their decisions will find the need to look further from the bases than they projected since space is going to be scarce close in.

The bottom line is the effect of this will be 100,000 to 200,000 people moving to Maryland in the next five to ten years due to the BRAC decisions. It will have a dramatic impact on the office market in the Baltimore Washington Corridor.

Those companies sitting on the side lines now should get their plans into high gear. Those who hesitate will be lost. Feel free to call for discussions or strategies, 301-918-2907.

 

Working on a real estate transaction? Don’t forget the documents!

Company NewsDeals & Transactions

By Pat Thompson, Vice President, NAI Michael

Working on a real estate transaction?  Don’t forget the documents.  While there are many aspects to bringing a deal to a successful conclusion, the use and understanding of many documents is necessary along the way.  The use of written documents is not only practical, but is required by law, in order to ensure that transactions in real estate are enforceable.

There are three important documents that are regularly used that come to mind:  listing agreements; contracts of sale; and lease agreements.  Each can come in different initial forms and are often subject to substantial changes before they reach their final form.  Whether generated by our office or produced by others, their importance cannot be underestimated.

What do these documents tell you?  Almost everything, if they are properly prepared.

They are the roadmaps by which a transaction is guided to completion.

Preparation and/or review of these documents will likely involve the participation of attorneys representing their respective clients.  Does that mean that the real estate agent steps aside and is no longer involved?  I don’t believe so.  If you negotiated the terms of the transaction, make sure they are accurately described and that each party’s rights and responsibilities in meeting these terms are clearly set forth.

This means that the real estate agent should have a good understanding of how these documents work and what their provisions mean.  It is well worth any extra time it may take to negotiate and properly prepare them.  In most cases, this preparation enables the entire transaction to go smoother, while avoiding misunderstandings that may be time-consuming and expensive to resolve later.  Remember, in the unfortunate instance of litigation, these documents will speak for themselves.

Government Real Estate Specialists

Company News

The U.S. Government, through the General Services Administration, leases over 170 million square feet of commercial space in the United States. This staggering number makes them the largest single user of space in the country, and in case you havn’t heard, the government is growing. Over 64 million square feet of this space is located In DC, Maryalnd and Virginia. With such a giant presence in our region, any property owners not seeking government leases is frankly missing out.

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