26 Sep Scheer Partners Helps Execute Two Leases to Bring Wheaton Building to 95 Percent Leased
Wheaton, MD – Despite a relatively high office vacancy rate in the Wheaton submarket, one building on Georgia Avenue is close to being completely occupied.
Scheer Partners Inc., the leading provider of fully integrated commercial real estate services in the Washington and Baltimore metropolitan areas, announces today that it has represented the landlord of Lakewood at Georgia Ave. in the signing of two leases that will take the 53,330-square-foot building at 11510 Georgia Ave. to a 95 percent occupancy.
Aguilar & Associates Realty, for one, inked a three-year lease that began on September 1 of this year and recently relocated from 601 7th St. in Laurel to a 453-square-foot space at Lakewood at Georgia Ave. The firm, founded in 1985, provides real estate services in Maryland and Washington, D.C.
In a second deal, Pray & Adams PC moved into 1,217 square feet at the building in a 64-month lease that also commenced on September 1. Previously, the accounting firm occupied space at 8701 Georgia Ave. in Silver Spring.
Jamie Rash, an associate with Scheer Partners, negotiated on behalf of Lakewood at Georgia Ave.’s landlord in these two transactions, with assistance from two of his colleagues at the company, which also provides property-management services at this building. Aguilar & Associates Realty did not have a broker work on its lease, while Donohoe Real Estate Services represented Pray & Adams in its deal.
With Aguilar & Associates Realty and Pray & Adams on board, Rash says that the vacancy rate at 11510 Georgia Ave. is about 5 percent, which is quite strong. At mid-year 2011, the vacancy rate in the Kensington/Wheaton submarket, not including sublet space, stood at 24.1 percent, according to a recent report from Delta Associates, the research affiliate of Transwestern Commercial Services.
Rash also notes that he is currently in negotiations with a national company to occupy another 1,000 square feet, which would bring the total occupancy in the building to 97 percent.
“We’re extremely excited to have assisted our client, which is a small, family owned entity, in landing two additional tenants at Lakewood at Georgia Ave.,” Rash says. “The fact that 11510 Georgia Ave. is almost at full occupancy is very exciting considering that several other buildings in the vicinity have significant vacancies.”
Located less than a half-mile from the Wheaton Metro station and the Westfield Wheaton Shopping Center, Lakewood at Georgia Ave. has good visibility along Georgia Avenue, with convenient access to numerous restaurants and retailers. The Internal Revenue Service leases about 60 percent of 11510 Georgia Ave., Rash says, with the State of Maryland occupying another sizable block of space.