Urban Atlantic Inks Trio of Tenants at New Carrollton Office Building
By Keith Loria March 29, 2022 1:56 pm
reprints
Urban Atlantic Development has inked three tenants at 4000 Garden City Drive, a 215,000-square-foot office building in New Carrollton, Md., that it developed in 2019.
The University of Maryland Medical System Group signed a 7,000-square-foot lease, consulting firm Vidoori inked 6,000 square feet, and CloudShape, a cloud solutions provider, signed for approximately 2,000 square feet, according to Edge, which represented the landlord in all three leases.
“Having a brand-new space built out in a brand-new building was a big factor in each tenant’s leasing decision,” Kenneth Fellows, a principal at Edge, told Commercial Observer. “This validates that there are tenants that are looking to upgrade to Class A office space with access to public transportation.”
The building, less than 10 miles from Washington, D.C., is also located in a HUBZone, which is an advantage for government contractors, he said.
The HUBZone program focuses on growing small businesses in historically underutilized business zones, per the program’s website. It ultimately aims to award at least 3 percent of federal contract dollars to HUBZone-certified companies annually.
The property features an on-site conference facility, a fitness center, a cafe, and is within walking distance to the New Carrollton Metro station.
With the new leases, the eight-story building is now 95 percent occupied.
Urban Atlantic Development will modify a portion of the remaining 10,750 square feet of space and build spec suites that will be available for move-in this summer.
“We have seen the concept of spec suites throughout the market lease quickly,” Fellows said. “They typically are built to accommodate tenants looking for quick move-in and high-end quality finishes.”
Joining Fellows on the deal was fellow principal Robert Pugh, also a principal at Edge. The pair would not disclose the names of the tenants’ reps were not disclosed.
Requests for comment from the tenants were not immediately returned.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
