30,000-Square-Foot Lease Brings Advance Realty Group’s Entire Washington, D.C., Portfolio to 98 Percent Leased
Landover, Maryland 6/18/2007 –
Advance Realty Group, a leading Northeast U.S. owner and developer of Class A office properties, today announced that the company’s entire 1,542,000-square-foot Washington, D.C., area portfolio is now 98 percent leased following the signing of a 30,940-square-foot, 10-year lease with The Mitre Corporation at 8301 Professional Place at the Metro East Business Campus in Landover, MD.
“Overall, the Washington, D.C., portfolio has proven to be a highly favorable investment for Advance Realty Group,” stated David Fisher, senior vice president and regional managing director of Advance’s Washington, D.C., region. “The successful repositioning of 8301 Professional Place, combined with a creative marketing plan, is a successful recipe resulting in a 97 percent leased building.”
Purchased in 1998, the property was repositioned to a Class A, world-class office environment via Advance’s $2.7 million capital improvement program which included new multi-color granite floors, a dramatic wall reveal system with mahogany accent panels all highlighted by architectural light pendants, as well as a new HVAC system and roof.
Located in close proximity to Route 50 and just walking distance from New Carrollton Train Station, the 137,000-square-foot, two-story property features ample parking, as well as direct access to the campus’ on-site hotel, fitness center and delicatessens.
One of Fortune’s “100 Best Places to Work For,” The Mitre Corporation is a non-profit company, chartered to work in the public interest, that provides systems engineering, research, development, and information technology support for the government. It operates federally funded research and development centers for the Department of Defense, the Federal Aviation Administration, and the Internal Revenue Service.
About Advance Realty Group
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With 5.5 million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast and is headquartered in Bedminster, New Jersey.
In the suburban Washington, D.C. marketplace, Advance Realty Group currently owns in excess of 1.5 million square feet of space. The Company has acquired in excess of $250 million of properties since it entered the marketplace in 1998. For more information, contact David Fisher at Advance Realty Group at (301) 429-1170 or visit www.advancerealtygroup.com.
