St. John Properties, Inc. has announced it began construction on five new speculative office buildings in the Greater Baltimore and Northern Virginia areas. Even though there has been little speculative office construction in recent years, the company is confident demand will rise and that it will find tenants to occupy the 320,000 square feet of space.
Three of the buildings are located in the Greater Baltimore area. They include two Class “A” office buildings and a R&D/flex building.
6170 Guardian Gateway is a new single-story, 25,160 square foot Class “A” office building in Harford County. It is part of The Government and Technology Enterprise (The GATE) project, a 416-acre business community located inside Aberdeen Proving Ground, and it is expected to be completed next month.
St. John Properties formed a joint partnership with Greenebaum Enterprises, Inc. to construct 8135 Maple Lawn Boulevard. The four-story, 140,000 square foot Class “A” office building is located within Maple Lawn, a 600-acre mixed-use business community in Howard County. Construction on 8135 Maple Lawn Boulevard is expected to be completed this fall.
Construction is underway on 809 Pinnacle Drive. It is a 51,240 square foot, single-story, flex building located near the BWI Airport, at BWI Technology Park II in Anne Arundel County. 809 Pinnacle Drive will be finished in late spring.
The two buildings in Northern Virginia are 44190 Waxpool Road and 44200 Waxpool Road. They are two single-story R&D/flex office buildings, totaling 54,120 square feet and scheduled for completion this May. Both are located within Ashburn Technology Park, a business community near the Washington Dulles International Airport.
Jerry Wit, senior vice Ppesident, marketing for St. John Properties, is optimistic and expects to see economic growth in the region. “Despite persistent reports of economic uncertainty, general business indecision and a perceived slowdown in leasing activity, we see pockets of tremendous opportunity and sustained growth in select submarkets in the Maryland and Northern Virginia marketplace,” he said in a press statement. “Our company is taking full advantage of the retrenched posture of many commercial office developers who have adopted a wait-and-see approach to new construction. We intend to remain several steps ahead of the leasing momentum that we believe will continue throughout the region, in an effort to immediately respond to our customers’ space requirements.”
Photo credits: St. John Properties
Charts courtesy of CBRE.