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Stein Sperling Leases Office Space At 1101 Wootton Pkwy, Rockville, MD

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LEASED

Maryland

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Office42,206 SF
Leased
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Property Image
LEASED

Stein Sperling Leases Office Space At 1101 Wootton Pkwy, Rockville, MD

1101 Wootton Pkwy, Rockville, MD, 20...

See Similar Deals
Office42,206 SF
Leased
Contact now

Summary

MARYLAND
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:42206 SF
Transaction Type:Lease

The Tower Building at 1101 Wootton Parkway in Rockville has secured a new tenant, law firm Stein Sperling Bennett de Jong Driscoll, with a lease for 42,206 square feet. The office building is a 12-story, 290,000-square-foot property that will see an increase in occupancy to 86 percent with this new agreement.

Summary of transaction details:

Marc Balamaci and Scott Mendelson of Edge Commercial Real Estate represented the tenant in this lease transaction. On the landlord's side, Kevin McGloon and Peter Rosan of Cushman & Wakefield facilitated the agreement with The Tower Cos. The law firm is expected to consolidate its operations and relocate over 130 employees to Rockville, bringing together personnel currently spread across multiple offices in the Mid-Atlantic region.

Players

Kevin McGloon
2 deals(301) 634-8484
BROKER

Marc Balamaci
KLNB
2 deals$8.3M volume(703) 334-5603
BROKER

Scott Mendelson
Edge Commercial
3 deals$8.3M volume(703) 334-5611
BROKER

Details

LEASED
IMAGE: 03/19/2019 ADDRESS: 1101 Wootton Pkwy, Rockville, MD, 20... MARKET: Rockville ASSET TYPE: Office TENANT'S REP: Marc Balamaci(Klnb), Scott Mendelson(Edge Commercial) LANDLORD'S REP: Kevin McGloon(Cushman & Wakefield) TENANT: Stein Sperling Bennett de Jong Driscoll LANDLORD: The Tower Cos SQUARE FEET: 42206

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Deal Type
Effective Rent (Annual)

$2,419,222.45

Total Lease Value

$24,192,224.51

Net Landlord Cash Flow$2,419,222.45