CHALLENGE/OPPORTUNITY
TSC Realty Services, LLC represents Prudential Real Estate Investors as the exclusive marketing and leasing agent of the Gateway 270 Business Park in Maryland’s I-270 Corridor. The project (which was developed in a joint venture including Prudential, TSC Realty Services and The John Akridge Company) originally consisted of 250,000 sf of office, warehouse and flex space. The property has been 100% leased since its completion in 2001. In 2010, the largest tenant, Thales Communication, Inc. with its 114,000 sf lease expiring in May 2011 required (in order to remain in the project)an additional 75,000 square feet of expansion space within an eighteen month period.
SOLUTION
TSC and Prudential in concert with various architects, engineers, construction managers, governmental agencies and legal counsel developed a plan to reposition and expand the complex to serve Thales as a dedicated business campus. As such, Thales would benefit from economic and operational efficiencies resulting from a re-design and consolidation of their Maryland facilities. In accordance with the plan, TSC worked with existing tenants and an adjacent property owner to make expansion space available. In short, our team negotiated early lease terminations with two existing tenants totaling 48,000 sf. In addition and on behalf of Prudential, TSC negotiated the purchase of an adjacent 22,000 square foot building and subsequently negotiated early lease termination with its three occupants.
TSC VALUE-ADD
Ultimately, the re-development process included acquiring an adjacent building, negotiating five early lease terminations, expanding parking area and linking the Thales buildings with walkways, picnic areas and enhanced landscaping areas. The process required coordination and approvals from governmental organizations including MNCPPC and Montgomery County.