Bravo Psychological Group, Plumsea Law, Ivy Mortgage and Osteogenesis Imperfecta Foundation were in immediate need of best-in-class commercial office space in Montgomery County, with previous little time available for space planning, construction, permitting and other protocols needed during the typical site selection and move-in process. Their collective time-sensitive prayers were answered upon touring 656 Quince Orchard Road, a seven-story, 103,000 square foot office building in Gaithersburg also known as The Offices at Quince Orchard. Owned by Federal Realty Investment Trust, the asset offered several “spec suite” opportunities on the sixth floor with ready-to-move-in availability. Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland and Pennsylvania, brokered all four leases with Kenneth Fellows, Partner, Advisory Services and Robert Pugh, Partner, Advisory Services, representing the landlord in each transaction.
“Spec suites” represent the perfect solution for companies in all industry categories with the need to ramp their business to an operational level in an expedited timeframe. The product is frequently used by groups that secure a contract and need to start fulfilling the requirement quickly; as well as for start-up firms and companies or organizations that have recently relocated to the area and need to establish operations in as little time as possible.
656 Quince Orchard Road features a brick and glass exterior and a free surface parking that can accommodate nearly 70 vehicles. It overlooks Quince Orchard Plaza, a retail center that includes LA Fitness, ALDI, HomeGoods, Staples and a number of sit-down and fast-casual restaurant options. The building is situatedless than one mile from Interstate 270, one mile from the Watkins Mill Interchange, less than five miles from MD Route 200 (Intercounty Connector) and approximately 20 miles from downtown Washington, D.C.
Based on the leasing success of this “spec suite” concept, Federal Realty Investment Trust plans to create similar opportunities for this product type on the seventh floor of 656 Quince Orchard Road.
“The landlord was extremely proactive in its approach to invest in the spec suite concept, in an effort to offer a real estate product tailored to quick occupancies,” explained Kenneth Fellows of Edge. “The suites are each equipped with a conference room and kitchenette, and the building is within walking distance to more than 30 retailers. We were able to identify four companies with a highly-accelerated timeframe, which quickly embraced the design of the spaces and the availability of the amenities.”
“Each company was extremely cognizant of selecting a building that matched its corporate brand with a first class and modern presentation,” added Robert Pugh. “The ability to quickly move in was the primary driver of each real estate search, but not at the expense of specifying a building that did not offer a strategic location and a high-quality interior and exterior. The Offices at Quince Orchard delivered on all counts.”
Edge is a commercial real estate firm providing a full complement of advisory, leasing, investment sales, management, construction, property management and engineering services to clients throughout the Washington, D.C., Maryland, Northern Virginia, and Pennsylvania marketplaces. Founded in 2007, the company currently leases and manages more than 8.5 million square feet of commercial office, flex/office, industrial/warehouse, retail and mixed-use space. Visit www.edgecre.com.
