CHALLENGE/OPPORTUNITY
In the fall of 2009, TSC Realty Services, LLC was hired by the New Jersey based Sudler Companies to lease its Landover Maryland properties, totaling 150,000sf. These properties include:
- 101 Pennsy Drive, Landover Maryland – A 103,000 square foot industrial flex facility located in Prince Georges County, Maryland. An industrial/flex building fully occupied by the GSA with one year remaining. The GSA had occupied this property for 20 years and had indicated that the property was no longer fully useful.
- 3333 Pennsy Drive, Landover, Maryland – A 37,000 sf office/warehouse in Prince Georges County, Maryland that was vacated in poor condition in 2009.
SOLUTION
Beginning in the fall of 2010, TSC worked in concert with Sudler’s asset management and property management teams to survey the current condition of both properties. The purpose of our collaboration was to develop a scope of improvements that would support marketing/leasing efforts.
Simultaneously, TSC developed its marketing plan which included a focused effort to retain the GSA. By the Fall of 2011, 3333 Pennsy Drive was fully leased to Hensel Phelps Construction and The GSA had reversed its position, identified alternative uses for this metro served property and renewed its lkease for a 10 year period.
TSC VALUE-ADD
- GSA : 103,000 square feet/ 10 years
- Hensel Phelps Construction: 37,000 sf/7 years