A six-story 122,000 square foot Class “A” commercial office building has been acquired by a partnership comprising Chesapeake Real Estate Group and principals from the Thompson Creek Window Company. Situated at 4200 Parliament Place in the Lanham section of Prince Georges’ County, the building traded for $6.25 million or just over $51 per sqf. Included in the sale was an adjacent parcel that is approved for the development of 120,000 sqf of additional Class “A” commercial space. Thompson Creek intends to relocate its corporate headquarters to the office building which was 33 percent leased at the time of the sale. Constructed in 1989, the building features twelve corner offices per floor, first-floor men’s and women’s locker rooms with showers, and a parking garage with covered parking spaces reserved for future tenants. The partnership plans to immediately design and permit the additional development on the adjacent land parcel.
“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,” said 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 jump-start 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.”
