Montgomery County Executive Isiah Leggett today joined Boeing [NYSE: BA], developer Trammell Crow Company and building owner Multi Employer Property Trust (MEPT), to celebrate the start of construction on a new five-story, 162,000 square foot office and manufacturing facility at Milestone Business Park in Germantown. Boeing will lease the majority of the building, which has been designed to house the evolving manufacturing and engineering needs of Boeing subsidiary Digital Receiver Technology, Inc. (DRT).
“Today’s groundbreaking for DRT’s new office and manufacturing facility is a huge win for Montgomery County, Trammell Crow, Multi Employer Property Trust, Boeing and the Milestone Business Park in Germantown,” said Leggett. “DRT is an advanced technology company providing 400 high-quality, well-paying jobs and is exactly the type of company we want in the County. I congratulate the entire team, including our Department of Economic Development, on this achievement and look forward to DRT’s continued growth and success in Montgomery County.”
DRT, acquired by Boeing in 2008, develops hardware and software products for wireless surveillance and tracking equipment for federal government and law enforcement customers. About 400 current DRT employees will move from existing office space in Germantown to the new facility, which should be completed in 2012.
“Boeing continually evaluates its facilities needs in accordance with changing business and customer requirements and has worked closely with Montgomery County officials to find the right facility to accommodate DRT’s unique needs,” said Roger Krone, president, Boeing Network & Space Systems. “Boeing views today’s event as a positive step toward establishing a long and enduring partnership with our military customers, Montgomery County and the state of Maryland; and to creating a favorable environment for innovation and technological advancement.”
”This transaction represents a big win not only for Milestone Business Park, but also for Germantown and Montgomery County,” said Campbell Smith, principal at Trammell Crow Company. “By working together with Montgomery County’s elected officials, the County’s economic development agency, and staff members at both Park and Planning and the County Executive’s office, we were able to design a building that meets all of DRT’s needs and allows this important employer to continue to grow in Montgomery County. The construction of Milestone Building V serves as further validation of Germantown’s appeal to major corporate tenants.”
The new building, which features a 54,000 square-foot first floor manufacturing facility connected to four floors of office space, has been designed to provide more efficient and functional space to meet DRT’s present and future needs. MEPT’s funding of the building construction will create more than 362,000 job hours for members of the building trades. This translates to 188 new “green” jobs, as the building is designed to meet U.S. Green Building Council Leadership in Energy and Environmental Design (LEED) Silver certification standards. MEPT’s investment of $46.1 million in this project will have a multiplier effect in the community and result in a total estimated economic impact of more than $72 million in the Washington, D.C. area.
DRT employees are expected to move to the new facility in two waves. The first group will relocate in the summer of 2012, with the remainder scheduled to move later that fall. Although current plans do not call for DRT employment numbers to increase as a result of the move, the building will be able to accommodate future growth. Boeing and its subsidiaries currently employ approximately 3,200 people in more than two dozen locations in Maryland, the District of Columbia and Northern Virginia.
A unit of The Boeing Company, Boeing Defense, Space & Security is one of the world's largest defense, space and security businesses specializing in innovative and capabilities-driven customer solutions, and the world’s largest and most versatile manufacturer of military aircraft. Headquartered in St. Louis, Boeing Defense, Space & Security is a $32 billion business with 65,000 employees worldwide. Follow us on Twitter: @BoeingDefense.
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in real estate. It has developed or acquired over 525 million square feet of buildings with a value exceeding $55 billion. As of December 31, 2010, Trammell Crow Company had over $3.3 billion of projects in process, $1.2 billion in its pipeline and $1.6 billion under operation. Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 14 major cities throughout the U.S. and in Canada. The company serves users of, and investors in, office, industrial, retail, healthcare, higher education, airport facilities, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CB Richard Ellis Group, Inc., the world’s largest commercial real estate services firm (based on 2010 revenues). For more information visit www.TrammellCrow.com.
MEPT, www.mept.com, is a $5 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in the United States. Founded in 1982, MEPT is owned by 356 Taft-Hartley, public employee and corporate pension plans. MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and is one of the largest U.S. real estate funds that is signatory to the UN Principals for Responsible Investment. In implementing RPI, MEPT has identified environmental, social and governance principles that further performance goals while also achieving important secondary benefits for the Fund.
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Boeing Defense, Space & Security
MEPT Investor Relations
Trammell Crow Company
Montgomery County Dept. of Economic Development
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