The Maryland Know-how Growth Company (TEDCO) has inked a deal for a brand new headquarters at a 127,422-square-foot workplace house in Columbia, Md.’s Merriweather District, proper within the coronary heart of the town.
The state company — which is tasked with supporting tech firms — will occupy 9,258 sq. ft of house at 10960 Grantchester Means, abandoning its present residence at 7021 Columbia Gateway Drive. The transfer, which TEDCO had been constructing towards for greater than a 12 months, marks a downsizing from its earlier 11,816-square-foot workplace because it adapts to a hybrid work mannequin within the aftermath of the pandemic. If not for the early exit, TEDCO’s lease at 7021 Columbia Gateway would have expired in 2026.
“COVID has moved many companies to consider the way forward for work and workplace house,” TEDCO CEO, Troy LeMaile-Stovall, stated final 12 months when requested concerning the motive for the change. “TEDCO is doing the identical.”
Accomplished six years in the past, 10960 Grantchester Means is owned by Howard Hughes Holdings and is a part of a 14-million-square-foot redevelopment of the town’s downtown that’s anticipated to span all through three many years. The Gateway Innovation District — developed in partnership with Johns Hopkins Utilized Physics — will likely be serviced by a number of transit choices and can boast extra environment friendly power utilization and stronger cybersecurity measures for its tenants.
“This transfer represents greater than a change of surroundings,” LeMaile-Stovall stated. “It’s a testomony to TEDCO’s strategic decision-making geared toward enhancing our help for Maryland’s innovation ecosystem.”
Cresa represented the tenant throughout negotiations, whereas Cushman and Wakefield negotiated on behalf of Howard Hughes Holdings.
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Final modified: November 15, 2023
Concerning the Creator / Diana Sabau
With years of intense analysis on the U.S. industrial actual property market at Yardi Matrix, Diana is presently placing her expertise to make use of by writing for a number of Yardi blogs. She covers CRE funding, job market traits and tech. Her work has been featured within the New York Occasions, GlobeSt, The Actual Deal, NAIOP, MSN and Bisnow.
