Advance Realty Group Attains 100 Percent Occupancy in Two Class A, Office Properties in Washington, D.C. Market Portfolio
Company’s 1.54 Million-Square-Foot D.C. Portfolio Close to 100 Percent Occupancy
Advance Realty Group, a leading Northeast U.S. owner and developer of Class A office properties, today announced that it has reached 100 percent occupancy at 8381 Old Court House Road in Virginia and 4500 Forbes Boulevard in Maryland, with the signing of its two recent leases at the properties.
The two leases bring Advance’s entire 1,542,000–square-foot Washington D.C. area portfolio to 97 percent occupancy, with the 900,000-square-foot Northern Virginia portfolio moving to full occupancy.
Merlin International, Inc. is expanding their existing office space by an additional 4,631 square feet, bringing their total occupancy to 19,391 square feet at 8381 Old Courthouse Road in Vienna, Virginia. Located near the intersection of Route 123 and Route 7, the 47,277-square-foot, Class A office property features marble floors, on-site deli, and a beautifully landscaped courtyard shared with its adjacent sister property at 8391 Old Courthouse Road. Advance was represented by CB Richard Ellis in the lease transaction.
Quantum Corporation leased 4,511 square feet at 4500 Forbes Boulevard Lanham, Maryland. The company plans to begin occupancy in May 2007. Strategically located in proximity to Route 50 and Capital Beltway (I-495), the 64,842-square-foot, Class A office property features four stories of office space, a recently renovated lobby with granite floors, as well as access to a fitness center at MetroEastOffice Park. Advance was represented by Scheer Partners in the lease transaction.
“Coming off a very successful 2006 with an overall 95.6 percent occupancy in our D.C. portfolio, and then reaching this landmark achievement, in first quarter of 2007, on two of our properties, is just another example of the growing momentum in the D.C. market and the attractiveness of our world-class business environments to existing and potential tenants,” stated David Fisher, senior vice president and regional managing director of Advance’s Washington, D.C. region.
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.