Germantown Office Park Envisioned as ‘Vibrant’ Town Center
August 21, 2015 (BIZJOURNALS.COM) – We’ve written quite a bit recently about the struggling suburban office park, and the strategies owners may embrace to breathe new life into them.
In Germantown, the Matan Cos.’ Milestone Business Park is not stale. It is a newer campus, roughly 90 percent leased with tenants such as DRS Laurel Technologies, Boeing and Weatherbug.
But the Frederick-based Matan didn’t spend $128.4 million to acquire Milestone, located immediately northeast of the Interstate 270 interchange with Father Hurley Boulevard, in January 2014 to maintain the status quo. In July, the Montgomery County planning board approved the company’s plan to add three residential buildings to the campus, in two phases, totaling 485 apartments, each with roughly 10,000 square feet of retail.
“The jobs are going to go to places where you can live, you can work and you can play,” said Dan Cain, Matan’s development manager. “That’s what we’re doing to enhance this.”
The campus, located on the future Corridor Cities Transitway bus rapid transit line, will have more than 3,100 parking spaces. Matan, with partner Walton Street Capital, has plans to realign roads in the area to provide direct access to the park from Father Hurley Boulevard. It will retain the existing 655,000 square feet of office, while enhancing the existing 63,000-square-foot plaza with an interactive water fountain, kiosk, seat walls and lawn areas.
