Multiple Transactions Total Nearly 33,000 Square-Feet of Space at Renovated Class-A Building
January 9, 2017 – Philadelphia – Rubenstein Partners, L.P., (including its affiliates, “Rubenstein”), in partnership with Trammell Crow Company, is announcing several new lease commitments and expansions totaling nearly 33,000 square feet at Maryland Trade Center III, a 192,000-square-foot Class A office property located at the intersection of the Capital Beltway and MD 295 within the Greenbelt submarket of Washington, D.C.
The transactions include an 18,280 square-foot renewal lease with The Retina Group, a healthcare firm specializing in retinal and macular practices; a new 4,214 square-foot lease with Allstate Insurance Company; and three additional new leases and expansions totaling approximately 10,000 square feet.
Since acquiring the property in 2012, the Rubenstein / Trammell Crow Company partnership has executed a significant capital improvement plan to Maryland Trade Center III that included a modernization of the lobby and upgrades to the restrooms and building systems. In 2016, ownership also completed a multifaceted HVAC system upgrade at the property and the building earned a coveted Energy Star certification in recognition of its energy efficiency and performance.
“It’s gratifying to see the strong leasing momentum at Maryland Trade Center III,” added Craig Zolot with Rubenstein Partners. “The upgrades we continue to implement at the building combined with its great location and amenities have positioned it as a stand-out office property in the regional market. The space is well-suited to serve the real estate needs of small and larger office users alike as validated by these latest lease commitments, representing both new and existing tenants. We believe the office sector will remain active throughout 2017 and Maryland Trade Center III is poised to take advantage of this market demand.”
Niel Beggy of Avison Young, Bill Zonghetti of Newmark Grubb Knight Frank and Todd Bosley and Tim Jaeger of CBRE provided leasing representation for the transactions.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of September 30, 2016, TCC had $7.1 billion of projects in process and $3.7 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). For more information visit www.TrammellCrow.com.