Cushman & Wakefield Arranges 68,000-Square-Foot Lease Expansion in Metro Baltimore
Represents PREI as Oceaneering International grows its regional presence to 260,000 square feet.
- Jersey City, NJ (1888PressRelease) December 23, 2011 - Oceaneering International, Inc. has signed a 68,000-square-foot industrial lease expansion at 6090 Dorsey Road, bringing the company's presence in Hanover to 260,000 square feet. Owner Prudential Real Estate Investors was represented by Michael Elardo and Brian Kruger of the Baltimore office of Cushman & Wakefield. Oceaneering was represented in both expansions by Paul Schweitzer of Studley's Suburban Washington office.
Houston, Texas-based Oceaneering is a diversified engineering products and services company serving the off-shore oil and gas, defense, aerospace, and entertainment industries.
"The Oceaneering Advanced Technologies (ADTECH) Group occupies 145,000 square feet just up the road at 7001 Dorsey Rd. for its regional headquarters," said Elardo.
ADTECH specializes in manned subsea and space systems, as well as practical, cost-effective robotic systems. ADTECH provides full life cycle submarine maintenance services to the U.S. Navy, space suit design and astronaut tooling for NASA, and a variety of other engineered products and solutions.
"Two years ago, the company leased 46,000 square feet at 6090 Dorsey Road for expansion of its manufacturing and production facilities," added Elardo. "With this 68,000-square-foot expansion, we wrapped both leases at 6090 Dorsey and made them co-terminus."
The 68,000-square-foot expansion at the 6090 Dorsey Road location is utilized by Oceaneering Advanced Technologies' OTECH Division, which develops and operates unique marine systems for military and commercial customers.
Located two miles from BWI International Airport, 6090 Dorsey Road is situated along Md. Route 100 with access to I-95. The two-year-old class A industrial building, which totals 300,500 square feet on 27 acres, is part of a 1.1 million-square-foot portfolio
Cushman & Wakefield manages and leases for PREIŽ in the Baltimore-Washington corridor.
"Preston Gateway is considered one of the top industrial parks in the corridor," said Elardo. "With its image, strategic location and access to transportation, it continues to attract considerable attention as a destination for fast-growing companies like Oceaneering."
Cushman & Wakefield, Inc.'s industrial brokerage platform provides global resources for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions nationwide - totaling 141.6 million square feet in leases and 52.9 million square feet in sales - with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.
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