Lee & Associates Expands Maryland Office
By Keith Loria July 31, 2023 2:35 pm
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The Maryland division of Lee & Associates is expanding its office in Columbia, just as it celebrates its 10th anniversary.
The commercial brokerage renewed and expanded its lease at 8840 Stanford Boulevard from 3,386 square feet to 4,800 square feet, to house 15 full-time brokerage professionals, property management staff and the marketing and administrative team.
The 94,164-square-foot building is part of Columbia Corporate Park 2, which consists of five Class A office buildings totaling 482,936 square feet. Landlord Merritt Properties acquired the 20-acre site in 1999 for $3.8 million from the University of Maryland system and developed the $50 million corporate park.
Lee & Associates plans to expand further within the D.C. region, according to Allan Riorda, president and principal of Lee & Associates-Maryland.
“We aim to have at least three additional offices in Northern Virginia and Maryland,” Riorda told CO in an email. “We intend to accomplish this in partnership with our sister office in Washington, D.C., and by adding fresh talent in all real estate disciplines including retail, multifamily and investment sales.”
With many companies downsizing, allowing remote or hybrid work situations or closing their offices entirely to revert to a virtual environment, Lee & Associates felt it was extremely important to “double down on the importance of an in-person option for the team,” according to Riorda.
“Our team knows that there is no replacement for collaborating in person to creatively exchange or brainstorm ideas and problem-solve,” he said. “Understanding that our brokerage professionals and clients work out of the office frequently, we intend to add small ‘executive touchdown spaces’ that provide laptop connectivity for anyone who needs a touchdown spot.”
JLL (JLL) represented the landlord in the lease, while Lee & Associates’ Bill Harrison and Ben Brooks represented the brokerage in its expansion.
Keith Loria can be reached at Kloria@commercialobserver.com.
