1:00 PM
Lisa Benjamin with Newmark Grubb Knight Frank represented Chelsea School in a long-term lease at Prince George’s Station in Hyattsville, Maryland. The well-respected educational facility will relocate to 24,000 square feet of new office space that will be converted to school space, with direct elevator access and an innovative outdoor play court.
Owned by Westbrook Properties, the mixed-use project is located directly adjacent to the Prince George’s Plaza Metro Station, with retail tenants that include Staples, Bob’s Furniture, and LA Fitness.
“This development is unusual in that you seldom see schools introduced to a mixed-use project such as this,” explains Ms. Benjamin. “This type of transaction is part of a growing trend, though. Leasing activity has slowed in several major markets across the country, and that situation has opened up possibilities for elementary and secondary schools, community colleges, and schools for students with special needs. If the tenant is willing to think outside the box and be creative, office space can be easily converted for educational use.
“We were able to secure a tenant improvement allowance that will let Chelsea School build out the space to its specifications. It will be up and running in time for the 2013/2014 school year.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, Newmark Grubb Knight Frank’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.