Frederick, MD -- Matan Companies announced today the completion of two 10-year office leases, totaling nearly 25,000 SF, at the Patrick Center in Frederick, MD. West End Capital purchased the building in April of 2014 and partnered with the Matan Companies on the project. A substantial redesign of the lobby and common areas preceded the leasing effort, which takes the building from around 70% occupancy at the time of acquisition to nearly 95% with the commencement of the two leases less than 13 months from the purchase date.
The first deal was signed with Miles and Stockbridge, involving a renewal of their current lease on the 6th floor and an expansion into approximately two-thirds of the 5th floor, bringing their total size to around 15,500 SF.
Nearly simultaneous with the conclusion of that effort, PNC signed a lease for the entirety of the second floor for approximately 9,500 SF. PNC will locate some retail and business banking personnel, along with its Wealth Management group in the building.
“These recent successes only further validate the iconic value of the Patrick Center as Frederick’s legal and financial hub. Our partnership with the West End Capital team was invaluable to the effort, as was the vision and hard work from each of these fine tenants and their teams,” remarked Brad Benna of the Matan Companies, who handles the leasing of the project. “West End is an exciting group on the rise, and their understanding of all aspects of the market and industry, not to mention what was vital to these important tenants, made execution of my job easy.”
About Matan Companies
Headquartered in suburban Maryland for over 35 years, Matan Companies is one of the region’s premier commercial real estate and development firms. Matan’s primary geographic focus is the Washington metropolitan area, including the Maryland and Virginia suburbs. Matan’s current portfolio consists of over 5 million square feet of office/industrial assets, with 3 million square feet in the development pipeline, several active residential developments, and a separate portfolio of multi-family units. For the latest news from Matan Companies, please visit mataninc.com.