When I last wrote a post back in November about this building it had just been completed and was actively trying to attract its first tenant. Two months later the building owner, Orix Real Estate Equities is offering 7021 Columbia Gateway Drive for sale even though no leases have been signed.
It is not exactly a fire sale. Orix is simply expanding their options for this asset. They are hoping that a company wishing to own a building as opposed to leasing one will be attracted by this offer. Orix believes that they can get a premium price for this 104,000 square foot, five story Class A office building because of its location in Columbia Gateway and the fact that it is ready to go. If a company wants to build their own building like this it typically takes about eighteen months. Orix is further encouraged by the recent sale of the Micros building next door. Last summer, 7031 Columbia Gateway Drive sold for around $250.00 per square foot setting a new record sales price for a Columbia office building.
Good luck.
7031 Columbia Gateway Drive has two blue chip tenants (Micros and Motorola) with long leases. 7021 Columbia Gateway Drive is empty with no leases. I happen to think it’s ugly too.
It is not exactly a fire sale. Orix is simply expanding their options for this asset. They are hoping that a company wishing to own a building as opposed to leasing one will be attracted by this offer. Orix believes that they can get a premium price for this 104,000 square foot, five story Class A office building because of its location in Columbia Gateway and the fact that it is ready to go. If a company wants to build their own building like this it typically takes about eighteen months. Orix is further encouraged by the recent sale of the Micros building next door. Last summer, 7031 Columbia Gateway Drive sold for around $250.00 per square foot setting a new record sales price for a Columbia office building.
Good luck.
7031 Columbia Gateway Drive has two blue chip tenants (Micros and Motorola) with long leases. 7021 Columbia Gateway Drive is empty with no leases. I happen to think it’s ugly too.
