Washington Property Company (WPC) has leased 11,970 square feet to The Aerospace Company in Greenbelt, MD. Headquartered in El Segundo, CA with 20 locations nationwide, Aerospace is relocating its Columbia, MD office to WPC’s Patriot Business Park office building at 7850-52 Walker Drive in Maryland’s Prince George’s County, just 12 miles from the US Capitol. Todd Bosley and Tim Jaeger of DANAC Realty Advisors and WPC’s Joshua Gurland represented the ownership in the lease transaction.
The Aerospace lease was among a total of 17 leases and lease renewals at eight of WPC’s suburban Maryland office buildings, totaling 65,331 SF, closed by WPC in the first two quarters of 2018. “At the beginning of the year, we saw increased activity across all of our markets in terms of inquiries and tours,” said Gurland. “During the spring, much of that activity translated into leases, and we’ve seen the occupancy levels in all of our properties increase so far this year.”
In one case, WPC sold an entire building to one of its tenants. WPC acquired 12125 Veirs Mill Road in Wheaton, MD in March of 2017 for $815,000. At the time of purchase, the 30,000 SF structure was just 46 percent occupied. WPC leased most of the vacancy to Action Worship Center, which then expressed interest in acquiring the building. Recently, WPC sold the building to its former tenant for $2.2 million.
“While the initial investment was relatively small, WPC felt it represented a compelling value on a busy street corner, providing the opportunity to continue operating the property as an office building or to potentially tear it down for other commercial or residential uses,” said WPC’s Andy Eshelman, Principal-Acquisitions. “We continue to seek similar value-add real estate opportunities throughout the Washington, D.C. region.”
Washington Property Company (www.washproperty.com) is a full-service commercial real estate company located in Bethesda, Maryland. Established by Charles K. Nulsen, III, WPC is involved in a full range of real estate investment services including acquisition, land use, development, property management, leasing, and construction management. WPC has developed more than eight million square feet of commercial space in the Washington, DC metropolitan area and currently has over 1.6 million residential square feet under development. WPC is actively pursuing office, multi-family, retail, and mixed-use development opportunities throughout the region. Through its management company, WPC Management, LLC, Washington Property Company manages over 1.8 million square feet of commercial space.
