- The Washington Times - Thursday, December 11, 2003

Baltimore developer MIE Properties Inc. has finished the construction of its seventh building at Cromwell Business Park in Glen Burnie, Md., and announced its first tenant.

MIE said Data Search Inc. will be the first tenant for the building and will move in 85 employees by the end of the month.

MIE specializes in leasing office and flex space, or space that can be converted easily into warehouse or industrial space with minimal investment. Construction on the seventh building at Cromwell began in April.

Cromwell Business Park, located off Interstate 97 near the Baltimore-Washington International Airport, sits on about 150 acres. The seventh building consists of about 15,600 square feet. Three more buildings are planned. The park is about 95 percent leased.

MIE began building the park in 1999 and since has created a strong list of tenants, including Iphotonics LLC, Advance Technical Solutions and Concentra Health Services. Many tenants have moved there because of the relative ease with which they can expand and shrink. Some tenants have filled as little as 1,000 square feet, and others have more than 72,000.

The flex space is particularly popular with technology tenants with research and development divisions. Cromwell also has proved popular for some government-oriented tenants because of its location near BWI, Fort Meade and the National Security Agency.

“Cromwell Business Park has enjoyed a high occupancy rate among tech and professional-services tenants,” said Edward St. John, MIE’s president and chief executive officer. “We are confident that the seventh building will lease quickly due to high demand for flex space in the BWI vicinity.”

The total size of the complex, after three more buildings are constructed, is expected to reach 520,000 square feet.

In other news …

• Corporate Office Properties Trust said it plans to raise $50 million in an offering of preferred shares, to pay off debt. The Columbia, Md.-based real estate investment trust said it priced 2 million preferred shares at $25 apiece.

• Texas-based developer The Staubach Co. said it has hired Charles W. Katis as a vice president in its Washington, D.C., office. Mr. Katis previously had been a director with Cushman & Wakefield, where he worked on nearly $80 million in lease transactions in the past three years.

• CoStar Group Inc., a Bethesda-based provider of real estate statistics and information, was named as one of the Deloitte & Touche Technology Fast 500, a ranking of the 500 fastest-growing technology companies in North America. It was the fifth consecutive year that CoStar has made the list.

CoStar’s revenue grew by 471 percent from 1998 to 2002, the five-year period on which the rankings are based. The company said its revenue increased from $13.9 million in 1998 to $79.4 million in 2002.

• Real-estate adviser WestWind Capital bought the majority of the 220,000-square-foot office at 1101 Pennsylvania Ave. NW from Resource America, an asset-management company. Resource America is retaining about 20 percent interest in the building. Spaulding & Slye Colliers was named the leasing and property manager for the building.

Property Lines runs Fridays. Tim Lemke can be reached at [email protected] or 202/636-4836.

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