Bethesda-based First Potomac Realty Trust (NYSE:FPO) announced that it has completed a lease transaction with DRS Defense Solutions, LLC to take space at Redland Corporate Center II in Rockville.
DRS, a technology defense contractor, will occupy 23,033 square feet, taking the entire ninth floor of the 210,862 square-foot Redland Corporate Center II. The company is anticipated to move in from its Bethesda office by March 2012 on a five-year term lease.
DRS will take 5,000 more square feet than its old home and add to what is becoming a cluster of defense contractors at the corporate office park. BAE Systems with North American Corporate Headquarters in Rockville moved some of its operations from Aspen Hill tin 2010 to the office park that completed construction in 2009.
With the DRS lease, Redland Corporate Center II is now 64% occupied, a far-cry from when it was 99% vacant at purchase by First Potomac Realty Trust in 2010. Redland Corporate Center III is 100% leased by BAE Systems, bringing the total property lease rate to 80%.
The Class-A, LEED Gold buildings located at 520 and 530 Gaither Road are adjacent to the King Farm mixed-use development.