Our agents have been busy making commercial real estate deals this October, from two-building office portfolios to industrial land sales. Maryland Newsletters has highlighted some of our October deals, which can be found below.
Two-Building Takedown One of Greenbelt’s Biggest Leases Ever Executed
An office lease that gobbled up two buildings was just completed in Greenbelt. Government contractor T-Rex leased both 7601 and 7615 Ora Glen Drive recently, providing it with the room to service a major Census Bureau contract. The two leases total 126,000 square feet, or approximately 78,000 feet in the larger, three-story building at 7601, and 48,000 feet in the one-story building at 7615 Ora Glen. It is Shaw Real Estate LLC whose two buildings went, with T-Rex’s arrival, from vacant to fully leased. The Baltimore-based company had bought the pair, as well as a Bank of America pad site, last fall for approximately $5 million. The three-building complex had been in distress, in the hands of special servicer C-III. Lockheed Martin’s exit from the pair had precipitated their fall into default. Shaw, headed by Steve Shaw, said when his firm acquired them that the buildings were in ‘excellent shape,’ needing little renovation beyond lobby and HVAC system upgrades. Those improvements will be completed soon. T-Rex is also reportedly touring the market for additional space. JLL represented the tenant, while NAI Michael represented the landlord. Keep reading