Federal Realty Leases 4 Spec Office Suites in Suburban DC
Federal Realty Investment Trust has signed four companies to spec-suite leases at The Offices at Quince Orchard, a seven-story, 103,000-square-foot office building in the Washington, D.C. suburb of Gaithersburg, Md.
Located at 656 Quince Orchard Road, Federal Realty opened up the building’s sixth floor with ready-to-move-in availability, which appealed to the incoming firms. The new tenants include Bravo Psychological Group, a psychology practice; patent law firm Plumsea Law; insurance agency Ivy Insurance; and the Osteogenesis Imperfecta Foundation, which helps people living with a genetic disorder impacting their bones.
“We were able to identify four companies with a highly accelerated time frame, which quickly embraced the design of the spaces and the availability of the amenities,” Kenneth Fellows, a partner in advisory services at Edge, which represented the landlord in the deal, told Commercial Observer. He declined to identify lease terms.
“We wanted to offer ready-to-move-in suites for tenants that needed to occupy space ASAP,” Fellows said. “Each client need is different. Some are looking for shorter terms, while others want a more stable home for their business.”
He explained that spec suites are frequently used by groups that secure a contract and need to get to work quickly, as well as for startup firms, and companies or organizations that have recently relocated to the area and need to promptly establish operations.
Federal Realty plans to create similar opportunities for spec suites on the seventh floor of the property later this spring.
“The landlord was extremely proactive in its approach to invest in the spec-suite concept, in an effort to offer a real estate product tailored to quick occupancies,” Fellows said. “The suites are each equipped with a conference room and kitchenette, and the building is within walking distance to more than 30 retailers.”
The property overlooks Quince Orchard Plaza, a retail center that includes LA Fitness, ALDI, Staples, and numerous sit-down and fast-casual restaurant options. The building features a brick-and-glass exterior and free surface parking that can accommodate approximately 70 vehicles.
It’s situated less than a mile from Interstate 270, one mile from the Watkins Mill Road Interchange, less than five miles from MD Route 200, and approximately 20 miles from Downtown D.C.
Joining Fellows on the deal was Robert Pugh, also a partner in advisory services for Edge.