3901 Calverton Boulevard Beltsville, Maryland - Houlihan

3901 Calverton Boulevard
Beltsville, Maryland
GHP Office Realty
One West Red Oak Lane
White Plains, New York 10604
Phone: 914.642.9300
Fax: 914.642.9301
ghpoffice.com
3901 CALVERTON BOULEVARD, BELTSVILLE, MD 20705
Location Map
3901 Calverton Blvd is located at the border of Prince George’s and Montgomery Counties, near
the I-95/Powder Mill Road interchange. Built in 1983, the property offers approximately 122,000 SF
and a tremendous investment opportunity in one of Prince George County’s most supply-constrained
markets. The Property is currently 100% occupied by Verizon, yet has the flexibility of being either a
multi-tenant or single-tenant office building. The Property’s location at the I-95 interchange near I495 (Capital Beltway) facilitates vehicular access for area businesses and employees, and provides
convenient access to a critical mass of the office, retail and industrial centers of Prince George’s,
Howard, Anne Arundel and Montgomery Counties in Maryland, as well as the District of Columbia
(DC).
The local market has experienced steady growth over the past several years which is predicted to
continue in the near and mid-term. Vacancy rates have continued to fall through 2006 to a current
rate of 11.3%. Two factors in the region will further constrain the availability of prime office space.
The opening of the Inter County Connector (ICC) highway starting in 2009 is predicted to bring
thousands of new office users to the market while the FDA’s consolidation to its White Oak campus
will further eliminate current market vacancy. With no new office construction planned in the Beltsville
submarket, any expected positive net absorption of available space directly impact vacancy rates.
3901 Calverton Blvd features large floor plates and is ideally suited for medium to large size office
users that need large open office area with relatively few private offices. The efficiency of the floor
plates, however, also lends itself well to multi-tenant layouts. The property is ideally situated close to
the border of Montgomery County and Prince George’s County, Maryland, and consequently boasts
convenient vehicular access to both regions as well as to the District of Columbia via several major
highways including the Capital Beltway (I-495), I-270 to the West, and I-95 to the East. The
completion of Maryland’s ICC beginning in 2009 will create and additional link to the region’s
economic and employment bases, and will create thousands of jobs as a result.
The property is currently owner-occupied by Verizon Washington, DC Inc., which will continue to
occupy the premises for three additional years, with the right to terminate after 18 months.
INVESTMENT SUMMARY
Total Square Feet…………………….……………………………………….. 122,645± SF
# of Stories …………………………….……………………………………………………. 4
Typical Floor plate ……………………..…….………………………………… 30,000± SF
Acreage ……………………………………………………………………………….. 7.64±
Year completed ………………………………………………………………………. 1983
Expected occupancy upon sale ……….………………………………………… 100%
Lease Term.………………………………….…………………………….……..….. 3 years
Parking Ratio…………………………………..…………………….. 3.2 spaces/1,000 SF
ADDRESS
3901 CALVERTON BOULEVARD, BELTSVILLE, MD 20705
LEASEBACK TERMS AND CONDITIONS – 3901 Calverton Boulevard
Address
Jurisdiction and Taxes
3901 CALVERTON BLVD, BELTSVILLE, MD 20705
The property is located in Prince George’s County and subject to the taxing jurisdictions of
the Prince George’s County School District.
Location
The site is located on Calverton Blvd. at Beltsville Drive near the I-95 interchange with
Powder Mill Road in Prince George’s County in Maryland. The site is located close to Route
1 with access to both I-95 and the Capital Beltway.
Section: 4 Map: 012
Permitted Use:
Possible alternative uses:
Building and Description
Site Layout
Site forms an irregular shape on approximately 7.64 acres of land.
Structural System
Year Built
Rentable Area
1st Floor
2nd Floor
3rd Floor
4th Floor
Total SF
Acres
Parking
# of Spaces
Ratio per RBA
1983
Roof
30,510 SF
30,510 SF
30,510 SF
31,115 SF
122,645 ± SF
7.64±
Façade
Lobby
614
3.25 space/1,000 SF
Irregular
786 ft-Southside of Calverton Blvd.
Utilities/Services
Utility/Service
Electricity
Gas
Water
Sewer
Telephone
Provider
Potomac Electric & Power Co.
N/A
Washington Suburban Sanitary Commission
Washington Suburban Sanitary Commission
Verizon
Steel framed columns and concrete
foundation.
Steel support frame over a metal deck,
Overlaid with a membrane of tar & ballast
Brick and glass curtain walls
One-story lobby featuring a Terrazzo floor.
Walls & ceiling are painted drywall. Access
from north and south side of building.
Systems
HVAC (Heating & Cooling)
Elevators
Life Safety/Sprinklers
Site Size
Description/Shape
Frontage
Parcel: M Block: EE
Grid: C3
Commercial Office (C-O Zone)
None
Package air conditioner with 3 ground
mounted cooling towers and electric hot
water heat pumps
3 passenger elevators for all floors
Entire facility is wet sprinklered and has
2 emergency generators (with 3,000 gallon AST
and 150 gallon day tank)
AERIAL
MARKET HIGHLIGHTS
The property is located in an established office park known as Calverton Office Park in
Maryland’s suburban market. The building is part of the Beltsville/Calverton submarket which
consists of 28 buildings and about 1.7 million SF. The area is home to eight large office
buildings as well as a shopping center, a full-service and extended-stay executive hotel, and a
large residential neighborhood.
The current vacancy rate in the Beltsville/Calverton submarket is 11.3%. This reflects a
considerable decrease compared to the high of 18.9% in 2005. There are no projected new
office buildings in the submarket, so the market’s positive net absorption of available space is
expected to continue to decrease vacancy rates.
There are several critical demand drivers for the immediate vicinity that currently and in the
future will favorably affect the Property’s ability to drive rents. The General Services
Administration and the Food and Drug Administration are currently working to consolidate the
FDA at the government-owned site in White Oak, Maryland, just over 2 miles from 3901
Calverton Boulevard. The site will house over 30,000 employees. While some FDA
contractors will be located on the White Oak campus, others will be forced to relocate from
the White Oak facility into existing office space in the Calverton/Beltsville market.
Another important demand driver will be the Maryland Inter County Connector (ICC), an 18mile toll road from US-1 in Prince George’s County to the East to I-270 in the West. The new
road will link the high-tech I-270 Corridor in Montgomery County to the WashingtonBaltimore/I-95 Corridor to the East. This link will be a boost to the region’s high-tech
employment opportunities throughout the ICC Corridor. An independent University of
Maryland study determined that the Connector will generate between 14,000 and 17,000
new jobs in Prince George’s and Montgomery Counties. In addition, the ICC will shorten
commute times; improve freight access to and from Baltimore/Washington International (BWI)
Airport, and will provide access to more affordable housing for thousands of employees-key
for attracting and retaining businesses in the area. The project is fully funded and approved,
and affords access to 3901 Calverton Boulevard via an on-road located amidst a rich and
thriving amenity base, including a Fairfield Inn, Residence Inn by Marriott and several popular
quick-serve and family-style restaurants, including Chipotle, Starbucks and Subway.
We Own. We Manage. We Lease.
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