1999 YEAR-END MARKET REPORT
Suburban Maryland Office Report
| Total Inventory: |
63,211,058
|
||
| New Deliveries and Completed Renovations: |
997,175
|
||
| Net Absorption: |
912,413
|
||
| Projects Under Construction and Under Renovation: |
2,828,798
|
||
| Vacancy Rate (Excluding Sublet): |
7.63%
|
||
| Vacancy Rate (With Sublet): |
8.68%
|
||
| Office Space Available: | Square Feet | ||
| Direct (New + Relet): |
4,821,073
|
||
| Sublet: |
663,942
|
||
| Total Office Space Available: |
5,485,015
|
||
| Space in Projects Under Construction and Under Renovation: |
1,688,351
|
||
| Under Construction (u/c) and Under Renovation (u/r) | Square Feet | ||
| Montgomery County | |||
|
7501 Wisconsin Avenue |
692,000
|
u/c
|
|
|
The Tower Building, Tower Oaks Boulevard @ Wootton Parkway |
276,000
|
u/c
|
|
|
Chase Tower, Wisconsin Avenue @ Willard Avenue |
247,142
|
u/c
|
|
|
7600 Wisconsin Avenue |
197,017
|
u/c
|
|
|
2600 Tower Oaks Boulevard |
177,794
|
u/c
|
|
|
702 King Farm Boulevard |
160,000
|
u/c
|
|
|
400 Professional Drive |
128,501
|
u/c
|
|
|
20358-20386 Goldenrod Lane |
125,000
|
u/c
|
|
|
9401 Blackwell Road |
120,999
|
u/c
|
|
|
7255 Woodmont Avenue |
100,500
|
u/c
|
|
|
7300 Calhoun Place |
63,594
|
u/c
|
|
|
7301 Calhoun Place |
55,851
|
u/c
|
|
|
20450 Century Boulevard |
52,500
|
u/c
|
|
|
20440 Century Boulevard |
52,500
|
u/c
|
|
|
Bldg 1, Calhoun Place |
41,867
|
u/c
|
|
|
7362 Calhoun Place |
27,826
|
u/c
|
|
|
4416 East-West Highway |
22,792
|
u/c
|
|
| Prince George's County | |||
|
1301 McCormick Drive (Aetna BTS) |
165,000
|
u/c
|
|
|
14400 Sweitzer Lane |
121,915
|
u/c
|
|
| Total |
2,828,798
|
||
| 1999 Buildings Taken Out of Inventory | |||
| None | |||
| New Deliveries and Completed Renovations | Square Feet | ||
| Montgomery County | |||
|
2 Bethesda Metro Center |
277,133
|
||
|
6001 Executive Boulevard |
215,000
|
||
|
700 King Farm |
154,214
|
||
|
2273 Research Boulevard |
147,689
|
||
|
801 Thompson Avenue |
48,000
|
||
|
15001 Shady Grove Road |
55,000
|
||
|
4920 Elm Street |
43,000
|
||
| Prince George's County | |||
|
9500 Arena Drive |
57,139
|
||
| Total |
997,175
|
||
| Largest Non-Renewal Lease Transactions | Address | Square Feet | |
| 1) General Electric Information Services | 200 Edison Park Drive* |
341,692
|
|
| 2) Comcast, Inc. | 11800 Tech Road |
95,000
|
|
| 3) National Institutes of Health | 6707 Democracy Boulevard |
89,578
|
|
| 4) United Payors & United Providors** | 2273 Research Boulevard |
82,212
|
|
| 5) Wolpoff & Abramson** | 702 King Farm Boulevard |
71,808
|
|
| 6) Covance Health Economics & Outcome Services | 9801 Washingtonian Boulevard |
69,912
|
|
| 7) Salix Technologies** | 20358-20386 Goldenrod Lane |
65,223
|
|
| 8) CoStar Group, Inc.** | 2 Bethesda Metro Center |
65,185
|
|
| 9) Synergy | E. Gude Drive @ Crabbs Branch Way |
55,000
|
|
| 10) Icy Ice Productions, Inc. | 3100 Branch Avenue |
53,000
|
|
| *Address formerly known as 11555 Darnestown Road | |||
| **Prelease | |||
| Largest Office Sales Transactions | |||
| Address | Purchaser |
RBA
|
Price |
| 1) 4330, 4340 & 4350 East-West Highway* | Quadrangle Development/Rockwood Capital |
546,249
|
$78,600,000
|
| 2) 3 Bethesda Metro Center** | Blackstone Real Estate Advisors |
377,369
|
$62,000,000
|
| 3) 200 Edison Park Drive*** | Deligenti GMBH, Inc. |
341,692
|
$55,500,000
|
| 4) 15-45 W. Gude Drive**** | Perkin-Elmer |
220,306
|
$45,000,000
|
| 5) 1801 Rockville Pike | State of Maryland Employee Pension System |
178,397
|
$34,125,000
|
| 6) 7101 Wisconsin Avenue | Prentiss Properties |
232,971
|
$33,750,000
|
| 7) 600 Jefferson Plaza & 1700 Research Boulevard***** | Washington Real Estate Investment Trust |
218,155
|
$27,025,549
|
| 8) 7735 Old Georgetown Road | Prentiss Properties |
124,480
|
$21,100,000
|
| 8) 15800 & 15850 Crabbs Branch Way/20271 Goldenrod Lane****** | The Bernstein Companies/Castleton Holdings, Inc. |
188,781
|
$21,000,000
|
| 9) 401 N Washington Street | Wellsford Commercial Property Trust |
256,912
|
$19,500,000
|
| 10) 1701 Research Boulevard | Moore & Associates, Inc. |
80,000
|
$17,535,000
|
| *Three building sale | |||
| **Sale price provided is an estimate of only the office building portion of the sale. Total purchase price of $118,000,000 includes 3 Bethesda Metro Center, 12-story Hyatt Hotel, and attached underground parking garage | |||
| ***Address formerly known as 11555 Darnestown Road. Sale price includes 204,000 SF of warehouse space and additional land | |||
| ****Two building sale | |||
| *****Both buildings were sold as a package for a total of $27,000,000. The actual purchase price for 600 Jefferson Plaza was $14,256,000 and actual purchase price for 1700 Research Boulevard was $12,744,000 | |||
| ******Purchase included Franklin Office Park 1, 2 & 3 (two existing buildings and 2.93 acres of land) along with 20271 Goldenrod Lane | |||