Advance Realty Group Closes 2006 by Increasing Portfolio Occupancy to 95.6 Percent in Washington, DC
Advance Realty Group, a leading Northeast U.S. owner and developer of Class A office properties, today reaffirmed its strong market position by announcing it concluded 2006 with 119,478 square feet of consummated lease transactions in its Northern Virginia and suburban Maryland office portfolio. This boosted the portfolio’s overall occupancy from 90.8 to 95.6 percent, ranking as one of the best performing years – in terms of square footage leased – in the company’s history.
Advance completed transactions with many prominent DC tenants. Some of the highlighted transactions at its Metro East Business Campus in Landover, Maryland included:
Giant of Maryland’s 53,556-square-foot headquarters lease at 8301 Professional Place
Epilepsy Foundation’s 32,647-square-foot national headquarters transaction at 8301 Professional Place
Mirant Mid-Atlantic, LLC’s 16,015-square-foot lease at 8301 Professional Place
United States Postal Service Administrative Law Office’s 10,450-square-foot lease at 8200 Corporate Drive
At its Virginia portfolio, Advance completed lease transactions totaling 18,259 square feet, increasing its occupancy to 99 percent. Some of the key tenants signing leases included Vanoakes Financial Services; Greehan, Taves, Pandak and Stoner, PLLC; and Lamus Company.
“These are all great examples of the tenants Advance Realty Group has attracted to the suburban D.C. market since it entered the marketplace in 1998,” said David Fisher, senior vice president and regional managing director for Advance’s Washington, D.C. region. “We’ve grown our suburban Maryland and Northern Virginia portfolio to over 1.5 million square feet by creating world-class business environments through substantial capital investments and long-term building ownership.”
Fisher continued, “The D.C. office market has been on a steady positive climb for the past several years and 2006 was no different. Specific to our portfolio, Metro East Business Campus in Maryland’s Prince George’s County experienced a major influx of new tenants in 2006 and demand will continue throughout 2007. Located within walking distance of the New Carrollton train station, which is serviced by Metrorail, Amtrak and MARC, and in close proximity to Route 50 and the Capital Beltway (I-495), the Campus is an ideal location to conduct business – just minutes from the District — and is easily accessible by car, bus or rail.”
In 2006, Advance Realty Group also hired industry veteran Kevin D. Schreiber as senior property manager to oversee its approximate 750,000-square-foot suburban Maryland office portfolio, which includes nine buildings in the Metro East Business Campus in Landover and 4500 Forbes Boulevard in Lanham.
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.