Read Microsoft Word - Redland Press Release - 9.28.doc text version

For immediate release August 25, 2009

BAE Systems Leases 139,120 SF at Redland Corporate Center at King Farm

Perseus Realty Delivers 350,000 SF of LEED Silver Pre-certified Office Space in Rockville, MD

ROCKVILLE, MD ­ Perseus Realty, LLC of Washington, D.C. has leased a new 139,120 square feet building at Redland Corporate Center in Rockville, MD to BAE Systems Technology Solutions & Services, Inc. BAE Systems will occupy the six-floor building at 520 Gaither Road, one of two buildings comprising the newly completed 350,000 SF Redland Corporate Center office campus located in the fast-growing I-270 corridor in Montgomery County, MD. The BAE Systems group is moving from 4115 Aspen Hill Road in Rockville, where it has been located for the last 20 years.

Redland Corporate Center's two new office buildings are pre-certified for the LEED (Leadership in Energy and Environmental Design) Silver rating by the U.S. Green Buildings Council's coreand-shell program. The development is a joint venture project of Perseus Realty and institutional investors advised by Prudential Real Estate Investors.

In addition to the future home of BAE Systems, the new 350,000 SF campus features a ninestory 208,344 SF building at 530 Gaither Road. Both new buildings meet the new GSA (General Services Administration) setback and security requirements for Federal tenants. Adjacent to the two new buildings is a139,000 SF office building constructed in 2003 and fully occupied by the U.S. Department of Health and Human Services. A new 1,111-space structured parking garage serves the entire project.

CBRE's Larry Thau, Jim Cahill, and Dave Macklin represented the landlord in the lease transaction. BAE Systems was represented by Gene Sachs, Paul Ehrenreich, Lauren Hodgin, and Andrew Corner of Cresa Partners.

Part of a 28-acre mixed-use development near the intersection of I-270 and Shady Grove Road, Redland Corporate Center abuts King Farm, a 430-acre live-work-play destination founded in 1997 that was designed as a "model of new urbanism." Its Safeway-anchored Village Center offers a variety of shops, services, and restaurants including Baja Fresh, Mayorga Coffee Roasters, and Nagoya Sushi.

Office tenants can visit not only King Farm's Village Center but also the nearby Rio using the free shuttle serviced operated by Redland Corporate Center during business hours. The shuttle also transports tenants to and from the Shady Grove Metro station. Rio Entertainment Center's popular waterfront restaurants include Guapo's Cantina, Tara Thai, and R.A.A.Z., an Indian Bistro. Fallsgrove Village Center on Shady Grove Road has even more dining choices including Cheeburger Cheeburger, Moby Dick House of Kabob, Mamma Lucia, Gifford's Ice Cream, and Panera Bread.

Onsite amenities at Redland Corporate Center include a state-of-the-art fitness center for tenants only, a high-quality deli, and two-story atrium lobbies. The buildings offer efficient floor plans with column-free office areas; many offices have views of a 13-acre forest conservation reserve. Environmentally-friendly building features include the use of recycled and/or lowemission materials and finishes, energy-saving building systems and plumbing fixtures that reduce water use.

Award-winning local artist Mindy Weisel has created several large works of art within the complex. Each of the two new buildings features a lobby display of colorful kiln-cast glass pieces. In a courtyard fronting all three buildings is a large installation consisting of two semicircular glass arcs, each about six feet high. Weisel's work has been displayed in museums, galleries, and corporate headquarters throughout the U.S. and abroad, including the Smithsonian Institution and Hirshhorn Museum and Sculpture Garden in Washington, D.C.

"We are pleased to welcome BAE Systems to Redland Corporate Center, which provides a premier address for corporate and government users at rental rates far lower than nearby Bethesda or downtown Washington," said John Wood Bolton, Jr., Executive Vice President, Perseus Realty. "The magnitude of Redland Corporate Center and the investment it represents help validate the important I-270 corridor submarket."

PREI®, one of the leaders in the global real estate investment management business, offers a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, Asia, and Latin America. Headquartered in Parsippany, N.J., PREI has offices in Atlanta, Chicago, San Francisco, Miami, London, Lisbon, Madrid, Milan, Munich, Paris, Luxembourg, Istanbul, Gurgaon (Delhi), Singapore, Mexico City, Rio de Janeiro, Hong Kong and Tokyo. As of June 30, 2009, the company managed $41.4 billion in gross real estate assets ($24.4 billion net) on behalf of over 460 clients worldwide and is ranked among the largest real estate investment managers. For more information, please visit http://www.prei.com.

Perseus Realty, LLC is a real estate firm specializing in development of office and residential properties, commercial property consulting and investments. Perseus Realty, formed in early 2004, has focused its development efforts on select regional markets where it possesses indepth knowledge of market conditions and is able to maintain close management and control of its investments. Through the leadership of its highly experienced executives, Perseus Realty has numerous equity resources as well as very strong and long-standing lending relationships in its primary market. The company's current portfolio of commercial and residential developments is valued at over $700 million.

Perseus Realty, 2099 Pennsylvania Ave., N.W., Washington, D.C. 20006, (202) 741-1890

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Microsoft Word - Redland Press Release - 9.28.doc