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D.C. suburbs continue to draw deals, new development

As some of the most vibrant office markets in the United States, Washington, D.C.'s, Maryland and northern Virginia suburbs continue to draw new development and the attention of investors.

Boston-based Boston Properties has sold 910 and 930 Clopper Road in Gaithersburg, Md., to Rockville, Md.-based MGP Real Estate LLC for $24 million. Washington, D.C.-based Cassidy & Pinkard represented Boston Properties in the disposition of the 240,596 sq. ft. development, which is located off Interstate 270.

On the new development front, North Bethesda, Md.-based Lerner Enterprises has broken ground on its first building at the Corporate Office Park at Dulles Town Center in Loudoun County, Va. Located near Virginia Route 28, the 185,000 sq. ft., Class-A building is geared toward high-tech corporate tenants and is scheduled to deliver in late 2001. Dulles Town Center is a 504-acre mixed-use development that includes Dulles Town Center Mall and a Courtyard by Marriott.

Back in the Maryland suburbs, Columbia, Md.-based Corporate Office Properties Trust has broken ground on a five-story, 125,000 Class-A building in Columbia Gateway Business Park. The $21.6 million building is located at the intersection of Interstate 95 and Maryland Route 175, and is expected to deliver next fall. Corporate Office Properties Trust also has an option on a contiguous 9.6-acre site that can support development of two additional 125,000 sq. ft. buildings. When completed, the company will own 53 buildings totaling more than 4.3 million sq. ft. of office space in the Baltimore/Washington, D.C., corridor.

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