Construction will begin early next year for Park Place, a 16-acre office park at the intersecton of Virginia Manor and Muirkirk roads in Beltsville.
When completed, the three-building project will have 175,000 square feet of high-tech manufacturing and corporate office space. The buildings will range in size from 29,000 to 112,000 square feet.
Park Place is being developed by Anastasi-Stephens Group, a Lanham firm. It is the developer's first major project in the area, according to Vice President Glen Stephens.
"Besides just meeting the needs of R&D, high-tech manufacturing and corporate office users, we wanted the park to be a truly pleasing place to work and spend time," said Tom Aylward, director of architecture for the developer. "By creating an open garden-type setting, our designers hope they've found a formula for a new age business campus."
The office park's three acres will include a picnic area and jogging trails. The three buildings will share a central courtyard with flowering cherry trees, mosaic paving and a clock tower.
"What these buildings will have that other buildings in Beltsville didn't have before is abundant parking and landscaping, and a general sense of openness," Stephens said.
The interiors of the buildings have been designed for both office and distribution needs. Each building will have a loading dock.
Park Place will be built using the tilt-up construction technique. Tilt-up has become increasingly popular, according to Stephens, because of the high demand for bricklayers. The tilt-up process involves fabricating and erecting concrete building panels at the site. A tilt-up structure is typically 10 to 20 percent more cost effective than a brick building of the same size, Stephens said.
Annual lease rates for the project will range from $6.75 to $12 per square foot.
Total cost of the project is estimated at $12 million. The general contractor is the Doyle Co., and the project is expected to be completed in early 1989.
In other developments in commercial real estate:
CACI International Inc., an Arlington professional services company, has leased 21,313 square feet at the Rutherford B. Hayes Building, 2361 Jefferson Davis Hwy., Arlington, from Heitman Advisory Corp. Heitman Virginia Management Inc. was the leasing agent.
Latham & Watkins, a national law firm, leased 57,217 square feet at 1001 Pennsylvania Ave. from Lincoln Square Association L.P. Julien J. Studley Inc. was the leasing agent.