Insurer Renews in Silver Spring, Md., Following ‘Favorable Concessions’
Associated Insurance Management has renewed its lease for 19,426 square feet at 1300 Spring Street, a four-story office building in Silver Spring, Md.
The company has been in the 108,936-square-foot building since 2014.
The Bernstein Companies acquired the 35-year-old building in 2006 for around $12 million, according to public records.
Cresa represented the tenant in the lease renewal. The asking rent for the property is $29.50 per square foot.
“We are able to leverage market conditions to reduce their occupancy costs two years early while still receiving favorable concessions,” Gene Sachs, managing principal of Cresa, told Commercial Observer. “The space’s design still fits how they work.”
The property includes a deli and a bank, and is within walking distance to the Silver Spring Metro station.
The building is also home to immigration legal services company HIAS and law firm DuBoff & Associates.
Joining Sachs in representing the tenant was Cresa’s Matt Ward, while AMR’s Bill Montrose and Zach Dubin represented the owner.
Keith Loria can be reached at Kloria@commercialobserver.com.