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Two longtime real estate execs have formed a new real estate development company that will focus on the suburban office market from Richmond to Baltimore.
Bob Bergin, who left Corporate Office Properties Trust in March, teamed up with Evan C. Feldman (formerly with Archstone-Smith and Washington Property Co.) to launch Feldman Bergin Development. The company recently acquired its first office building, a 38K SF single-story building in Hanover, in partnership with Kenwood Management Co. for $2.3M.
Bergin said the real estate firm will add some landscaping and revamp the interior to spruce up the building. Columbia's Lee & Associates is handling the leasing for the building, which is 40% full. Tenants include M-Edge Accessories and the U.S. Marine Corps.
While many real estate firms have focused on developing the urban market, Bergin said he believes suburban offices will make a comeback as millennials settle down.
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