Parklawn, MD

CBC Phoenix Asset Management has been the owner’s representative for 5600 Fishers Lane in Parklawn, MD for almost ten years. The property consists of two parking lots and a 1,300,000 sf single-tenanted office building entirely occupied by the U.S. Department of Health and Human Services. We were brought on to help ownership through the acquisition process and played an integral role toward the redevelopment plan which was in the works for several years. The Landlord entered into a joint venture with DC giant JBG Companies, a strategic partner with grass roots in the DC market and a well known developer. Together, we helped secure and finalize lease negotiations with HHS that resulted in a 15 year renewal. This paved the way for the partnership to work on the development and construction of a new building on one of the properties parking lots.

As part of the renewal, ownership agreed to completely renovate the building and transform it into a sustainable, Class A trophy office building to be completed by 2014. The 18-story building will undergo a complete modernization including a curtain wall re-skin, all new building systems, and the introduction of a 14-story atrium. New cores will be built within the atrium to provide the facility with a wide-open floor plan within a 65-foot wide office building to afford direct access to natural light for nearly 100% of the office space. The facility is anticipated to attain LEED Gold status.

The National Institute of Allergy and Infectious Diseases has been procured as the tenant for the new building which is in the predevelopment phases of planning and design concepts. The new development is about 500,000 sf and should take four to five years to complete. The total budget for the projects as a whole is approximately $300,000,000.