Lisa Benjamin with Newmark Grubb Knight Frank represented Chelsea School in a long-term lease at Prince George’s Station in Hyattsville, Maryland. The well-respected educational facility will relocate to 24,000 square feet of new office space that will be converted to school space, with direct elevator access and an innovative outdoor play court.
Owned by Westbrook Properties, the mixed-use project is located directly adjacent to the Prince George’s Plaza Metro Station, with retail tenants that include Staples, Bob’s Furniture, and LA Fitness.
“This development is unusual in that you seldom see schools introduced to a mixed-use project such as this,” explains Ms. Benjamin. “This type of transaction is part of a growing trend, though. Leasing activity has slowed in several major markets across the country, and that situation has opened up possibilities for elementary and secondary schools, community colleges, and schools for students with special needs. If the tenant is willing to think outside the box and be creative, office space can be easily converted for educational use.
“We were able to secure a tenant improvement allowance that will let Chelsea School build out the space to its specifications. It will be up and running in time for the 2013/2014 school year.”
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