- The Washington Times - Thursday, March 11, 2004

Coca-Cola Enterprises, the world’s largest bottler of soft drinks, is moving its Mid-Atlantic regional headquarters to a new top-tier office building near the intersection of Maryland routes 29 and 32 in Columbia.

The company, whose existing headquarters is also in Columbia, signed a lease for 30,000 square feet at Rivers Corporate Centre, 10330 Columbia Road. Coca-Cola will move 150 workers to the new location.

The company will be the main tenant in the new building, and about 70 percent of the 45,000-square-foot space is leased. It features a two-story atrium lobby, 9-foot-high ceilings and free parking for tenants. The smallest suite sizes will be 2,500 square feet and will have fiber-optic connections.

“Coca-Cola represents a signature, and highly recognized tenant for this building and their presence should accelerate the leasing efforts for the remaining spaces,” said Craig Morrell, a principal with NAI KLNB and lead broker of the lease. “There is strong leasing interest in the remaining available spaces.

The new building is expected to be ready by the summer.

HQ on the move

HQ Global Workplaces, a Dallas company that offers flexible office-space arrangements, said it will spend nearly $3 million to upgrade and move some of its 10 facilities in the Washington area. The company will devote $750,000 to move its Alexandria facility to a higher-quality building, and $1.1 million to improve the appearance of the rest of its locations. It also has plans to move one of its downtown D.C. offices later this year.

The investment is part of a plan to inject more than $20 million into 70 of its 210 facilities nationwide. The company has embarked on an aggressive expansion and upgrade plan since emerging from Chapter 11 bankruptcy in October.

“The D.C. market is a linchpin for the entire company,” said Steve McNeely, the company’s CEO. “Office space is scarce, and there’s not a lot of sublease. We have a perfect product.”

In other news

• Corporate Office Properties Trust of Columbia paid $22.4 million for a 129,030-square-foot office building at 400 Professional Drive in Gaithersburg. The five-story building is located in the Crown Point Office Park, and will be 90 percent leased until 2007. The purchase is the second in Montgomery County for Corporate Office Properties, which is looking to expand its portfolio of office properties along the Interstate 270 corridor.

• Sunshine-Lindbergh bought two flex-warehouse buildings at 7510-7520 and 7500 Lindbergh Drive in Gaithersburg. The buildings, which were sold by MJB Enterprises, total 68,000 square feet. HBW of Rockville brokered the transaction. Terms were not disclosed.

c Arlington County Planners approved a plan by Vienna, Va., developer KSI Services Inc. to build 3,200 apartments, 50,000 square feet of shops and a 300-room hotel in Pentagon City. The complex will be built on 27 acres once earmarked for construction of a Major League Baseball facility. Construction is expected to start by the end of the year.

INTERNATIONAL INVESTORS

The amount of money spent on office buildings in the Washington Area increased by nearly 40 percent between 2002 and 2003, thanks to increased spending by international investors and real estate investment trusts, or REITs.

[figures in millions of dollars]

20022003

Developers1,0721,391

Mutual funds866910

Pension funds855749

REITs7231,445

Overseas investors335856

Total3,8515,351

Source: Delta Associates

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

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide