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Humane Society buys in MD.

Humane Society buys in MD

The Humane Society of the United States acquired a 65,000-square-foot building in Gaithersburg, Maryland. where it plans to relocate its headquarters, and has leased a large part of the building back to its previous owner Tektronix Inc., in a transaction arranged by members of New America Network Inc., the international network of commercial brokers and corporate real estate services.

The $5.75 million sale and the partial lease back of the building at 700 Professional Drive was negotiated by The Michael Companies, New America Network's member in Washington, D.C. It was initiated by David Blanchard, New America vice president based near Portland, Oregon, who manages the real estate company's account with Beaverton, Oregon-based Tektronix. The Humane Society is leasing back 32,000 square feet of the building to Tektronix, and plans by July to consolidate its headquarters functions from Washington, D.C. and Bethesda, Md. into remaining parts of the building. This represents the largest major, national association relocation into the Washington D.C. suburb of Gaithersbwg, according to Larry Grimes, a Michael Companies broker who worked on the transaction.

The transaction allowed Tektronix, who had owned and occupied the entire building, to downsize, shed ownership obligation and stay in custom-built space, Grimes further said. Tektronix, an industrial manufacturer, uses the site as its eastern region repair facility and as a Washington are as alescenter.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Feb 12, 1992
Words:232
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