Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland and Pennsylvania, has brokered five leases totaling nearly 6,000 square feet of “spec suite” space within 8400 Corporate Drive in Landover, Maryland. The “spec suite” concept significantly accelerates the move-in schedule upon lease execution by virtually eliminating the time needed for tenant build-out and, in some cases, office furnishing, as spaces are offered on a turn-key basis. The five-story, 150,000 square foot commercial office building is owned by Polinger Company. Kenneth Fellows, Partner, Advisory Services and Robert Pugh, Partner, Advisory Services, represented the landlord for each transaction.
The leases were signed with Chex, Inc.; Exceed Corporation; Master Security; McCormick Taylor and Progressive Computers. Polinger Company completed construction of the “spec suites” on the second floor of the building last September and all leases were fully executed by this January.
“Spec suites” are growing in popularity and address the requirement among companies in all industry categories to ramp their business to an operational level in an expedited timeframe. This use is common among organizations that secure a contract and need to start fulfilling the requirement quickly; as well as for start-up firms and ones that have recently relocated to the area.
8400 Corporate Drive features a brick and glass exterior, an on-site fitness center, food service, shared conference facility and free surface parking available for 530 vehicles. The building is situated within close proximity to US Route 50 and Interstate 95, with the New Carrollton Metro Station located less than three miles away. Downtown Washington, D.C. can be accessed in 20 minutes.
“Polinger Company recognized the growing need among companies to establish new offices in a highly-accelerated timeframe, which has been proven by the extremely rapid lease-up that we were able to execute at this building,” added Robert Pugh of Edge. “Their spec suite environment, containing a modern and thoughtful design, has resonated in this marketplace and we expect additional opportunities to emerge in more buildings.”
“The common denominator in each of these transactions was speed, but not at the expense of receiving a best-in-class office space,” explained Kenneth Fellows of Edge. “The term of each lease varies, but the companies now have the luxury of surveying the market more extensively to determine a long-term solution to their office requirements.”
Edge is a commercial real estate firm providing a full complement of advisory, leasing, investment sales, management, construction, property management and engineering services to clients throughout the Washington, D.C., Maryland, Northern Virginia, and Pennsylvania marketplaces. Founded in 2007, the company currently leases and manages more than 8.5 million square feet of commercial office, flex/office, industrial/warehouse, retail and mixed-use space. Visit www.edgecre.com.
