Educational Institution Renegotiates Lease in DC Suburb
The Foundation School of Montgomery County has restructured its 19,363-square-foot lease at 220 Girard Street in Gaithersburg, Md., with landlord Finmarc, Commercial Observer has learned.
Transwestern Real Estate Services represented the tenant in the lease, while Edge Commercial handled things for Finmarc.
“They had a lease expiring within the year,” Susan Kay, Transwestern’s senior vice president, told Commercial Observer, explaining the need to rework the lease at this time. “We negotiated a reduced rental rate and extension of the lease term.”
The school has been a tenant at the property for more than a decade. The length of the new lease terms was not revealed.
“They are enthusiastic about the reduced lease costs from the new deal structure, which will allow them to continue their good work with the community in a familiar location,” Kay said.
The suburban flex building occupies 3.46 acres and is near Washington Grove, the Gaithersburg Commuter Rail, and the Shady Grove Metro Station.
Joining Kay on the deal was Transwestern vice president Mark Boyce.