Phelan Development Company

Discounted Parklawn site proves infectious lure for General Services ...

The Parklawn office complex in Rockville owned by the JBG Cos. of Chevy Chase snared another federal tenant with the enticement of a deeply discounted effective lease rate of $29.26 per square foot, according to the General Services Administration.

That's the price JBG offered in a 490,998-square-foot, build-to-suit deal for the National Institute of Allergy and Infectious Diseases, which will consolidate from 6701 and 6707 Democracy Blvd. in Bethesda.

The 15-year lease, including tenant improvement allowances and the waiver of the first 12 months of rent, comes in far below the $34 federal rent cap set for Maryland.

This latest $215.5 million deal demonstrates GSA's bargaining power as it seeks to cut costs.

"GSA utilized the Low Price, Technically Acceptable approach, following a full and open competition, which allowed us, in this instance, to achieve a very competitive cost structure for an extended lease term," Cathy Kronopolus, public buildings service regional commissioner for GSA�s national capital region, said in a statement. "This to-be-constructed building will provide first class office space, in a sustainable building, close proximity to a Metrorail station, and good value for the American taxpayer."

When the GSA agency announced plans to seek consolidated space last year, it said it hoped to take advantage of the soft market. The vacancy rate for the second quarter stood at 18.3 percent in the North Bethesda submarket, which includes the disease institutes� current offices in the Rock Spring complex, according to Transwestern.

The lease is to begin sometime between Oct. 1, 2012, and Sept. 30, 2014.

Construction of the property will add more density to JBG development around the Metro Red Line, where the company already has completed one office building at Twinbrook Station, a planned 2.2 million-square-foot mixed-use project of offices and multifamily housing.

The disease institute, part of the National Institutes of Health, will move to 5601 Fishers Lane, where JBG will build the offices in what now is the Parklawn north parking lot next to the antiquated Department of Health and Human Services complex.

Altaire's cautious development timetable

Piper Aircraft has now started fabrication of components for its single-engined Altaire business jet, and aircraft assembly of the first conforming flight test aircraft will begin in August. Its inaugural flight is planned for in 2012, with certification and first deliveries planned in 2014. A conservative and fully funded schedule of development and certification is expected to solve the problems already experienced by more ambitious twin-engined very light jets (VLJ).

“The Altaire is pioneering the single-engine business jet, just like the Piper Meridian and other single-engine turboprops have proven in rigorous worldwide use that the fundamental efficiencies and safety of centerline thrust aircraft deliver the greatest value to owners and operators,” said Piper President and CEO Geoffrey Berger.

“The advantage that Piper has over other manufacturers with an interest in a single-engine jet is a solid underlying commitment by Imprimis, the owner of the company, to appropriately fund the program and see it through to successful completion,” Berger says.

Piper has assigned nearly 200 engineers and production staff to deliver on the promise of an entry-level business jet with the economics of a turboprop and the cabin size and capabilities of a much larger business jet. The manufacturer’s strong backing for the project means its market studies have identified strong potential for the single-engine concept from owners who are currently flying single pistons which although reliable, don’t match the light jet engine’s safety statistics.

As well as starting assembly of the first conforming flight test article, later this year Piper will begin fabrication and assembly of a structural test article, which will eventually be joined by three additional flying conforming test aircraft to become part of the certification program. Also part of the FAA certification program will be a bird strike canopy and a fuel cell/vibration test wing. Construction of all of these articles will be underway during 2012.

The company is in the midst of a $5.6 million program in building improvements to ready facilities at its Vero Beach, Fla. manufacturing and headquarters campus for necessary production, final assembly, completion and deliveries.

Recently the company named Altaire Chief of Production Michael Dow to oversee the manufacturing of the business jet.

Altaire’s maximum range is targeted at 1,300 nautical miles with a maximum cruise speed planned at 360 knots. The aeroplane’s range is 1,200 nautical miles with a payload of 800 pounds. Price point for a typically equipped aircraft is US$2.6 million, and Piper predicts operating costs per hour to be an average of 25 percent lower than comparable production very light jets.

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