Prime US REIT has announced that it has clinched a new tenant for an 11-year lease at the re-branded Waterfront at Washingtonian, Gaithesburg, Maryland.
The tenant, who signed the 120,000 sq ft lease, is an American advanced clean energy and fuel design engineering company, backed by a global e-commerce giant.
This new anchor lease, together with earlier leasing activities, will bring the building to above 85% occupancy, up from 33% prior to the building renovations.
“This partnership reflects our shared focus on creating workplaces that employees want to return to,” says Rahul Rana, CEO of Prime US REIT's manager.
In August 2024, Rana completed a US$550 million refinancing. “This deal follows a new 43,000 sq ft lease signed in the middle of June at another asset, Village Center Station I, with a leading global engineering and consultancy firm who is also a new tenant at Waterfront at Washingtonian,” Rana says.
“When a new tenant expands with us in multiple locations – from Gaithersburg to Denver – it validates our focus on delivering consistent quality and exceptional experiences. We are confident to see a net gain in overall portfolio occupancy by end of this year," he adds.
See also: IREIT Global secures two new leases in Spain bringing Spanish portfolio occupancy to 83%
Waterfront at Washingtonian, with a net lettable area of 325,455 sq ft, underwent an extensive AEI that was completed in October 2024.
The property features a two-storey, light-filled lobby with concierge that creates a more inviting and prominent arrival experience for guests and tenants; two new tenant lounges: one formal lounge serving the conference centre and another more casual space for informal gatherings; a 1,800 sq ft conference centre with flexible, divisible partitions to accommodate a range of meeting and event needs; a full-service gym overlooking the lakefront, featuring personal lockers, showers, full-spectrum equipment suite, and a group fitness classroom; a Grab & Go Café with banquette seating and direct water views, all within the vibrant Washingtonian Center, which is recognised as Gaithersburg's premier shopping and dining destination.
