Selected New Development Project

Project: Columbia 100/Corporate Center Location : Columbia, Maryland

Project Description:

Columbia 100/ Corporate Center is a fully leased, 85,000 square foot, Class A office building.

Transaction Summary:

Through a joint venture partnership, JPB Enterprises co-developed this Class A office building in 2000-2001. Throughout the development process, JPBE performed numerous tasks including:

• Performed market feasibility study to assess market demand for product type;
• Identified brokerage firms that would best fit marketing demands for the project;
• Placed construction and permanent financing, and negotiated terms and agreements;
• Provided lease review and negotiations; and
• Utilizied the JPBE network of Fortune 500 executives to help procure tenants.

Outcome:

Columbia 100 Corporate Center was delivered in June 2001,100% pre-leased with an average rental rate more than 10% above projections. Due to an aggressive marketing approach, diligent construction management and creative financial structuring, the building is cash flowing at more than 30% above pro forma expectations in a market with 18% vacancy for Class A product. JPBE's real estate group continues to manage the property.