Rockville, MD — Foulger Pratt, developer of the mixed-use community Park Potomac, has recently signed several retail and office leases.
Foulger-Pratt has secured Smislova, Kehnemui and Associates, P.A., as the lead tenant for its newest trophy office building at 12435 Park Potomac Avenue. The structural engineering firm will lease the entire 3rd floor.
Foulger-Pratt will relocate its corporate headquarters to 12435 Park Potomac Avenue, taking the entire 2nd floor.
12435 Park Potomac Avenue will also serve as the new home for Gringos & Marachi, who will be opening their second area restaurant. The new restaurant will fill a 3,000 square foot ground floor space across from Founding Farmers and will open in spring of 2016. The restaurant will be similar to the space in Bethesda, but will have more outdoor seating.
A new upscale fast casual restaurant serving fish, fresh proteins and farm to table accoutrements, opening in spring of 2016, will be joining Gringos & Mariachi at 12435 Park Potomac Ave.
Additionally, Kaufman Jewellers has signed a lease in the retail space under the Park Potomac Condominiums and is slated to open next month.
Finally, Shulman, Rogers, Gandal, Pordy & Ecker, Montgomery County’s oldest and largest law firm, has extended and expanded their lease at 12505 Park Potomac Ave.
Park Potomac’s master plan includes 570,000 square feet of trophy-quality office space, 150,000 square feet of retail amenities, a 200 room hotel, 153 upscale condominiums, 150 attached single family homes and 297 multifamily apartments. The central feature of the community is a public plaza, complete with a fire pit, water feature and outdoor seating.
“Park Potomac offers tenants, residents and visitors a lively urban community, positioned conveniently in Potomac and at the junction of Montrose Road and I-270,” said Cameron Pratt, CEO of Foulger-Pratt. “Our vibrant mixed-use development provides best-in-class workplaces amid a vibrant, walkable residential community and rich retail environment—a dynamic setting for businesses and residents of all kinds.”
The office buildings offer 9-foot ceilings, high glass line ratios, stone and wood lobby finishes and structured parking garages. As part of the amenity offering, the ground floor offers a mix of well-curated restaurant and retail tenants. Totalling over 30,000 square feet in this next phase, retail spaces boasts ceiling heights of up to 18’10”, generous outdoor patios and unique layouts such as a one story restaurant space with rooftop seating.
The completed first phase of the development includes 12505 Park Potomac Avenue, a 180,000-square-foot trophy office building, 80,000 square feet of retail space, including a Harris Teeter grocery store, Founding Farmers restaurant, fast casual dining, fashion boutiques and convenience retail.
“We have no doubt that office tenants will continue to relocate to Park Potomac’s unique live-work-play environment and will enjoy the benefits of operating in such a vibrant and amenity-rich community,” said Andrew Masters, Managing Director at JLL, who is leading office leasing at 12505 and 12435 Park Potomac Ave. Strategically located at Interstate 270 and Montrose Road with a dedicated I-270 interchange, Park Potomac provides quick access to the I-270 Technology Corridor and I-495, as well as prime visibility from the interstate.
In addition to 12435 Park Potomac Avenue, the office and retail building under construction, three additional trophy quality office buildings will be constructed within Park Potomac.
For more information on Park Potomac, please visit: www.parkpotomac.com.
Established in 1963, Foulger-Pratt is one of the most successful and respected real estate investment firms in the Washington, D.C. area. Foulger-Pratt is a vertically integrated firm, specializing in development, construction, and property management. With an exclusive focus on the Washington, D.C. area, Foulger-Pratt understand, and integrates area market trends and timing in order to develop vibrant, lasting communities.
With an emphasis on urban infill, and transit oriented developments, Foulger-Pratt’s extensive experience across all project types and through the entire project’s lifecycle enable the firm to execute fully comprehensive mixed-use developments and create long term value. Foulger-Pratt has a diverse portfolio and to date has developed and managed over 4 million square feet of office and retail, and 3,500 multi-family units.
Privately-owned and staffed by some of the industry’s most talented professionals, Foulger-Pratt builds success through smart, principled leadership. Foulger-Pratt believes in creating properties that benefit all stakeholders. At Foulger-Pratt, We Build to Last.
For more information, visit www.foulgerpratt.com.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
Streetsense is an interdisciplinary design and strategy collective serving the retail, hospitality, and real estate industries. Known and awarded for their collaborative ideology, Streetsense creates brands people love and places people love to be. For more information, please visit www.streetsense.com or find us on Twitter (@realstreetsense) and Facebook (facebook.com/realstreetsense).