Purchase also includes development site suitable for Class “A” office project
A partnership comprising Chesapeake Real Estate Group, LLC (CREG) and principals from the Thompson Creek Window Company has acquired a six-story 122,000 square foot Class “A” commercial office building situated in the Lanham section of Prince Georges’ County, Maryland. Included in the purchase, which was acquired from Mack-Cali for $6.25 million, is an adjoining land parcel that is suitable for the development of 120,000 square feet of additional Class “A” commercial space.
Positioned at 4200 Parliament Place near the intersection of the Capital Beltway (Interstate 495) and US Route 50 (John Hanson Highway), the project is approximately 33% leased and occupied. Thompson Creek intends to relocate its corporate headquarters consisting of approximately 22,000 square feet of space to the project this year, which will increase the occupancy to approximately 48%. The company designs, builds and installs replacement windows, doors, and siding on existing residential homes throughout the mid-Atlantic region.
This headquarters move, following on the heels of the Company’s move to its new manufacturing facility in Upper Marlboro in June, is a further demonstration of Thompson Creek’s long standing commitment to the State of Maryland and to Prince George’s County.
“We are seeing very positive signs of private investor’s growing confidence in Prince George’s County’s commercial office sector,” explained Prince George's County Executive Rushern Baker. “Today’s announcement that a great local company such as Thompson Creek is going to locate its corporate headquarters in Lanham, after they have completed work on their new manufacturing facility near Pennsylvania Avenue, is further testament to that confidence. This acquisition, proximate as it is to the nearby New Carrollton Metro station, is another win for our County.”
“Growing and retaining jobs in Maryland is a focus of Governor Larry Hogan’s administration, and manufacturing is a targeted industry for our team here at Maryland Commerce,” said Mike Gill, Secretary of the Maryland Department of Commerce. “We’re very pleased that Thompson Creek will retain both its manufacturing operations and its corporate headquarters here in our state, and we look forward to the company’s continued success.”
Constructed in 1989, the building features twelve corner offices per floor, first-floor men’s and women’s locker rooms with showers, a surface parking lot with excessive open, unreserved parking, and a parking garage with covered parking spaces reserved for future tenants. The site is approximately thirty minutes from downtown Washington, D.C. and minutes from the New Carrollton train station that includes Amtrak, MARC and Metro Rail services. Vista Gardens Marketplace, a 400,000 square foot shopping center featuring national retailers and restaurants, is approximately one mile from the building.
“Our family-owned company has been manufacturing and installing world-class home improvement products in Maryland for thirty-six years, and we could not be more proud of our contribution to Maryland economic development,” said Rick Wuest, President of Thompson Creek. “Our mission is to help make homeowners House Proud by creating better, safer, and more energy efficient homes. With the opening of our new manufacturing and distribution center in 2016 behind us, we look forward to consolidating our corporate offices in such an ideal location to support our mission and growth strategy.”
“4200 Parliament Place contains every important fundamental necessary for long-term success led by a highly-visible location within a major suburb of Washington, D.C. and a best-in-class commercial office environment,” stated James P. Lighthizer, Principal, Managing Partner of Chesapeake Real Estate Group. “The decision by Thompson Creek Window Company to relocate its corporate offices to the building provides a significant jumpstart to our marketing and leasing program. We detect improving leasing momentum in Prince George’s County and believe we can quickly lease the balance of this building. With a scarcity of properly-zoned land suitable for new development in the County, the acquisition of the additional land offers the opportunity for additional long-term value.”
Last summer, the same partnership between CREG and principals from the Thompson Creek Window Company sold two industrial buildings cumulatively totaling nearly 300,000 square feet of office/warehouse space within the Penn 95 Commerce Center in Prince George’s County for approximately $33 million. The project consists of a 167,500 square foot Class “A” warehouse building and a build-to-suit 117,000 square foot building that contains the manufacturing and warehouse operations for the Thompson Creek Window Company.
The partnership plans to immediately design and permit the additional development on the adjacent land parcel.
This acquisition represents another large project for Chesapeake Real Estate Group in the Prince George’s County area. Last fall, the company launched a new division within the company focusing on the identification and acquisition of commercial office and retail assets and hired Christopher Murray as Vice President to manage this effort. CREG has now purchased six separate commercial office and retail buildings in the Baltimore-Washington Corridor since announcing that initiative. Christopher, a partner at Chesapeake Real Estate Group, will be responsible for managing and leasing the project.
Chesapeake Real Estate Group, LLC, headquartered in Baltimore, Maryland is a full-service commercial real estate operating company that includes brokerage, property management and development services. The firm currently has 2.2 million square feet of industrial projects in some phase of development and 3.2 million square feet of industrial, office and retail under management in the Mid-Atlantic region. Notable projects include Penn 95 in Prince George’s County, Baltimore Crossroads in White Marsh, Perryman Logistics Center in Harford County and Port 95 in Baltimore City. For more information visit www.cregllc.com
Thompson Creek Window Company, headquartered in Lanham, Maryland is a family owned and operated manufacturer and installer of residential remodeling products such as replacement windows, doors, gutters, siding and roofing. The firm currently employs over 400 people, serves over 8,000 local families each year and is currently ranked as the 11th largest residential remodeler in the nation by Qualified Remodeler.
