Six-story, 122,000 square foot commercial office building situated in Lanham
LANHAM, MD (November 19, 2018) – Chesapeake Real Estate Group, LLC (CREG) has signed leases with four companies totaling 25,200 square feet of space within 4200 Parliament Place, a six-story, 122,000 square foot Class “A” commercial office building situated in the Lanham section of Prince George’s County. The building is owned and managed through a partnership between CREG, a fully-integrated commercial real estate operating company headquartered in Baltimore, and principals with the Thompson Creek Window Company. Earlier this year, Thompson Creek relocated its corporate headquarters and more than 150 employees to the building.
The new leases were signed with WBA Research (9,990 square feet of space), a company providing quantitative and qualitative research consulting services; W.A. Chester, LLC (9,200 square feet of space); an electrical contractor; Children’s Evaluation and Therapy Center (4,414 square feet of space), a pediatric center that provides an array of screening, evaluation, therapy and educational services and GDH Law, LLC (2,051 square feet of space); a law firm specializing in personal injury, business organization and business and civil litigation cases.
“These new leases represent four separate and distinct business industries, and reflect the diversity of interest that we continue to experience at 4200 Parliament Place,” explained Christopher Murray, Vice President of Chesapeake Real Estate Group. “Organizations are attracted to the building’s best-in-class status within the Lanham sub-market, its proximity to major highways and public transportation, as well as the surrounding amenities including fast-casual and sit-down restaurants. Free parking for employees is another significant factor that generates tremendous interest.”
Constructed in 1989, the building features twelve corner offices per floor, first-floor men’s and women’s locker rooms with showers, a surface parking lot with excessive open, unreserved parking, and a parking garage with covered parking spaces reserved for future tenants. The site is approximately thirty minutes from downtown Washington, D.C. and minutes from the New Carrollton train station that includes Amtrak, MARC and Metro Rail services. Vista Gardens Marketplace, a 400,000 square foot shopping center featuring national retailers and restaurants, is approximately one mile from the building.
The CREG/Thompson Creek partnership acquired the building in 2017 and subsequently completed improvements that included renovating the lobby; updating the hallways on each floor with the installation of new carpeting, ceiling tiles, lighting and new paint; improving the bathrooms on each floor; and modernizing the tenant conference center facility deli. The on-site fitness center was also updated with modern equipment and new exterior landscaping was added.
Included in the purchase is an adjoining land parcel that is suitable for the development of 120,000 square feet of additional Class “A” commercial space. The partnership has plans to design, permit and construct additional space on this parcel.
Chesapeake Real Estate Group, LLC, headquartered in Baltimore, Maryland, is a fully-integrated commercial real estate operating company that focuses on real estate development, leasing, property management and brokerage services. The company owns a diverse portfolio encompassing Class “A” industrial and commercial office properties, as well as retail centers. Chesapeake Real Estate Group also participates in joint venture partner arrangements on select investments. The firm currently has more than two million square feet of industrial projects planned or under construction in the Mid-Atlantic region and over four million square feet under management.Notable projects include the Perryman Logistics Center, Port 95 Industrial Park, Penn 95 Commerce Center, Baltimore Crossroads @95 and 210 Allegheny Avenue.For more information visit www.cregllc.com.
