Matan Inks 203K-SF Industrial Lease in Virginia
The Maryland-based developer has inked nine-figure square-footage leases across the DMV in recent weeks
By Nick Trombola December 29, 2025 11:55 am
reprints
One of the mid-Atlantic’s biggest industrial developers is on a leasing tear, and has just squeaked in another full-building pre-lease before the end of the year.
Frederick, Md.-based Matan Companies inked a 202,600-square-foot lease with general contractor DPR Construction at Northlake II, a four-building industrial development in Ashland, Va., about 15 miles north of Richmond. DPR will take over the in-development Building D at the nearly 548,000-square-foot complex at Harley Club Drive once it delivers this upcoming spring.
JLL’s Gareth Jones, Chris Avellana and Charlie Polk represented Matan in lease negotiations. Undisclosed Savills and CBRE brokers represented DPR.
“This milestone achievement for Northlake II highlights the enduring strength of the Richmond industrial market and our commitment to developing spaces that meet the evolving demands of forward-thinking tenants like DPR Construction,” JP Matan, Matan Companies’ principal in charge of leasing, said in a statement.
“Our expansion into Richmond is a natural extension of our regional development strategy,” Zach Jung, Matan’s managing director, added in a statement.
Matan has seen stark demand for its industrial properties in the region lately, to the point where the company will roll straight into development of its single-building, 210,000-square-foot Northlake III project this spring.
In late November, Matan inked a 219,000-square-foot, full-building lease with transport and logistics firm DSV in Stafford, Va., about 44 miles southwest of Washington, D.C. Earlier this month, the developer landed a 162,000-square-foot lease with Montgomery County Public Schools at its life sciences and industrial complex in Gaithersburg, Md.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
