4A —November 19 - December 23, 2021 — DelMarVa — M id A tlantic Real Estate Journal
www.marej.com
D el M ar V a
Munafo of St. John Props. reps. landlord in 50,400 s/f lease
ORTH BETHESDA, MD — Federal Real - ty Investment Trust Office continues to grow with new 276,000 s/f building Federal Realty’s Pike & Rose to HQ Choice Hotels Int’l. N
announced that Choice Hotels International, Inc. has signed a long-term lease to occupy 105,000 s/f in 915 Meeting St., a new 276,000 s/f trophy office building to be constructed at the award-winning mixed-use development of Pike & Rose in North Bethesda. “Pike & Rose has everything employers and employees are looking for in office space to - day – convenient location with excellent regional access and world-class amenities both inside and outside of the build- ing,” said Wendy Seher , the company’s president of the east coast region. “We are excited to add a company of the caliber of Choice Hotels to the growing list of leading firms that have chosen a Federal Realty of- fice environment to help them attract quality talent and en- hance their brands.” 915 Meeting St. will be a 16-story, state-of -the-art , LEED Gold-targeted building featuring 9,600 s/f of ground floor retail, approximately 25,000 s/f flexible floor plates and 700 dedicated parking spaces. The building, designed by Gensler , will incorporate a vibrant architectural design that includes numerous ameni- ties, such as a rooftop confer- ence center with collaborative MCLEAN, VA – KLNB an- nounced that C2 Education has completed the purchase of a four-story, 16,756 s/f office building at 1311A Dolley Madi- son Blvd., inMcLean for $5 mil- lion. KLNB retail specialist and senior vice president Veronica Kamara represented the buy- ers, Sang Mun Kim and Jinsil Kim, a C2 Education franchise owner and the associate. The need for tutoring ser- vices, both in-person and on- line, has skyrocketed in recent years, fueled by the ongoing pandemic and disruptions to public and private education. As a result, Jinsil’s two Virginia locations saw increasing traf- fic, creating a need for expan - sion. Already impressed with KLNB’s steady counsel and patience in securing a previous C2 lease, a process that took almost a year for Jinsil to se- cure an advantageous deal, she turned to Kamara and KLNB again, this time to find a larger retail space for the McLean location that would also allow
Annapolis Corporate Park
story commercial office build - ings comprising of more than 250,000 s/f of space. Located directly off Harry S Truman Pkwy. near the intersection of Riva Rd. and south of MD Rte. 50, the business community is less than five miles from down - town Annapolis. A number of retail amenities are with- in close proximity including BB&T, CVS, Squisito Pizza & Pasta, In Grano Bistro-Bakery, and Small Cakes Cupcakery. “Our ability to capture ad- ditional square footage at An- napolis Corporate Park, is a testament to the innovation, resourcefulness and problem- solving abilities of our entire team,” said Sean Doordan , senior vice president of leasing and acquisitions for St. John Properties. “We arrived at this creative solution after engag- ing every department within our company tapping into dif- ferent areas of expertise, and carefully considering all viable options.” MAREJ
BALTIMORE, MD — A tenant has signed a 50,400 s/f full-building lease with St. John Properties, Inc. for a new building that is currently under construction within Annapolis Corporate Park, a 29-acre mixed-use community in Anne Arundel County. St. John Properties has broken ground on the two-story build- ing and two-level parking garage at the business park located at the intersection of Riva Rd. and Harry S Truman Pkwy. The building at 189 Harry S Truman Parkway is expected to be delivered by mid-summer 2023. Angelo Munafo of St. John Properties represented the landlord in this lease transaction. St. John Properties reengi- neered a section of Annapolis Corporate Park to accommo- date the real estate require- ment. Annapolis Corporate Park presently consists of two multi-story and two single-
915 Meeting St.
common areas, WiredScore- targeted connectivity, a fitness center, and resource-efficient sustainable and wellness fea- tures. Located in the rapidly emerg- ing submarket of North Bethes- da, 915 Meeting St. will sit within the transit-oriented, LEED Gold-certified neigh- borhood of Pike & Rose and its more than 400,000 s/f of thoughtfully curated retail, services, dining, and enter- tainment offerings. The new construction comes following the success of Pike & Rose’s 300,000 s/f of existing office product, which includes ten- ants such as Bank of America, JLL, Industrious, OneDigital and Federal Realty’s corporate headquarters. 915 Meeting St. is expected to break ground later this year. The building is 40% pre-leased to Choice Hotels, who plans to relocate 400 corporate employ-
ees from its current headquar- ters beginning in December of 2023. Bernie McCarthy , executive managing director, and Danny Sheridan , manag- ing director at JLL represented Federal Realty, and Steve London , vice chairman at Sav- ills represented Choice Hotels. “It’s been gratifying to see Pike & Rose become an es- tablished neighborhood and the real estate of choice for multiple uses,” said Don Wood, chief executive officer for Fed - eral Realty. “The continued demand for office at our mixed- use developments, coming from world-class companies like Splunk and NetApp at Santana, Partners Healthcare and PUMA at Assembly, and now Choice at Pike & Rose, validates our track record of de- livering a high-quality product that capitalizes on the highly amenitized environments we have created.” MAREJ vide plenty of space for tutoring services. Then as we exam- ined the situation further, the chance for building ownership became a reality, solving her immediate and future needs. Jinsil and her C2 operations will occupy the third and fourth floors of the new building, while the bottom two floors, already 75% occupied with existing ten- ants, will be leased to outside businesses and provide addi- tional income. JInsil will also utilize the remaining vacant unit on the second floor for personal use. Initially, Jinsil was hesitant to pursue the building. Prior to the pandemic, she had pursued it with another brokerage once before, but walked away after being unable to secure a deal with the owner. It was only af- ter Kamara presented the idea of pursuing it again and laid out a detailed strategy to secure the space, did Jinsil realize the potential and that purchasing the property was the best move for her business. MAREJ
AvisonYoungbrokers sale of Three Premier MOB
KLNB represents buyer in 16,756 s/f office building sale
for future growth. But as the process evolved, it became apparent that Jin- sil’s needs required something more than just a bigger retail footprint. “As we began to examine re- tail inventory in McLean, I saw a possibility for Jinsil to instead capitalize on the circumstances of the region’s office market and explore a new opportunity to better meet her needs,” said Kamara. “Initially, we dis- cussed an office lease, allowing Jinsil to set up a headquarters for her franchise needs and pro- 1311A Dolley Madison Blvd.
161 Thomas Jefferson Drive
co-leaders of the firm’s US Healthcare Capital Markets practice; and Erik Foster , principal and Head of the firm’s Industrial Capital Mar - kets practice. “Competition for the prop- erty exceeded our expecta- tions,” Kornick said. “The quality of the buildings, the strength of the tenants and the attractive demographics of affluent, fast-growing Fred - erick appealed to every kind of investor — institutional and private.” MAREJ
FREDERICK, MD — Avi- son Young announced that it has negotiated the sale of the Aspen Ridge Medical Office Portfolio, three medical office buildings in the fast-growing, affluent Washington suburb of Frederick. BentallGreenOak pur- chased the 91,220 s/f portfolio for an undisclosed price from Ausherman Properties. Representing the seller was an Avison Young team led by Jim Kornick and Mike Wilson, principals and
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