$12 Million Keeps 4,200 Jobs in Silver Spring

Times was running out for a major lease set to expire in 2013 at the Silver Spring Metro Center, but the anchor tenant -- the National Oceanic and Atmospheric Administration (NOAA) -- has decided to stay and renew its lease for another 15 years. The administration has called the urban high-rise office buildings home since 1990.

The federal government agency currently occupies, 1305, 1315 and1325 East West Highway, three of five high-rise buildings that make up Silver Spring Metro Center. The last component a residential apartment complex was completed in 2004. The U.S. General Services Administration (GSA) represented NOAA in the lease transaction.

“We all know what an asset NOAA is for the County, but I am especially delighted that GSA decided to retain NOAA’s tremendous presence in Silver Spring,” stated Councilmember Valerie Ervin, who represents Kensington, Takoma Park, Silver Spring and Wheaton in the release. “NOAA’s employees provide significant economic impact particularly in downtown Silver Spring, and I am so excited that they will continue to call Silver Spring home.”

Montgomery County Government, including County Executive Isiah Leggett and the County Council approved a $12 million conditional grant to development owner and builder Foulger-Pratt, the grant to the Rockville-based firm will be spread out over 15 years.

Foulger-Pratt also said it would pump $40 million worth of investment into the Class-A office buildings, with the first effort achieving LEED-EB Silver certification via a $10-15 million investment for new HVAC and lighting systems that will improve energy efficiency.

Stocks, Trading and Investing