Kenwood Executes Over $25M in Lease Value in 2022
Kenwood Management Company announced today that its portfolio ended 2022 with 91.5% occupancy, a 300 basis point increase from the end of 2021. During the year, the company executed 25 new leases representing 138.9k square feet and 32 renewals covering 181.4k square feet.
Of the over 320k square feet leased in 2022, 31% was leased to office tenants and 69% to warehouse tenants. Kenwood's recently acquired McLean Plaza saw exceptional growth, with occupancy increasing from 80% to 95% in just 12 months.
Four of Kenwood's properties achieved occupancy rates between 98% and 100%: Preston Court, Hampton Overlook, Westmore Road, and Reston Herndon Business Park.
Notable new tenants that joined the Kenwood community in 2022 include Restorative Therapies, Anxiety Institute, Malt & Salt, and Seashore Fruit.
"Despite the news reports that office space is a challenging sector, we experienced good leasing velocity from smaller, local, and regional-owned businesses," said Bill Singer, Principal at Kenwood. "We successfully increased occupancy without sacrificing rental rates."
"Across the warehouse portfolio, leasing activity in 2022 was exceptionally strong with rental rate increases averaging double digits," said Laura Murrer, Senior Asset Manager.
Who Is Kenwood Management?
Kenwood Management is a Bethesda-based commercial property owner and manager with a portfolio of 1.4 million square feet of office, medical, flex, and warehouse space in the Washington, DC, and Baltimore, MD, markets.
Founded in early 1997 by Hank Bowis and Phil Ackley, Kenwood was created to attract private equity from long-term investors and provide superior property management services to business owners throughout the Baltimore and Washington, D.C. metropolitan area.
The company’s unique approach to multi tenant real estate includes:
- Investing for the long term
- Managing only the properties they own
- Investment into each property by the company’s principals
- Prioritizing tenant renewals
- Loyalty, honesty, integrity, respect, and fairness always
As part of the company’s commitment to superior property management, they developed the Kenwood Community. It’s a philosophy is based on the fundamental concept that by expanding the landlord-tenant relationship beyond its typically known role of providing space in exchange for rental payments, the company can enhance tenants’ businesses as well as the neighborhoods and communities around each property.
For more information, visit www.kenwoodmgt.com.