Alex. Brown JV Lands Office Asset North of DC
- Jul 08, 2016
Rockville, Md.—A joint venture organized by Alex. Brown Realty and Washington Property Co. recently acquired One Research Court, a four-story, 113,620-square-foot office building in Rockville, 23 miles north of downtown D.C.
Value-add real estate fund ABR Chesapeake Fund V, which is sponsored by Alex. Brown Realty, invested $5.5 million, with acquisition financing secured through Fulton Bank. The company did not disclose other financial details, but Montgomery County records note that the asset changed hands mid-June for a total of $17 million. The last official assessment estimates the property at approximately $18.9 million.
Currently 89 percent occupied by 14 tenants, One Research Court is located right next to Interstate 270, in a dense commercial corridor and close to Johns Hopkins’ Montgomery County Campus. The property, which sits on a 5.3-acre site, was built in 2001 and offers 28,118-square-foot floor plates. The joint venture is planning capital upgrades, including improvements to the lobby, elevators and gym, and a new on-site conference center.
“We’re seeing excellent demand in the market for well-located, high-quality buildings like One Research Court,” said John Prugh, president & CEO of Alex. Brown Realty, in prepared remarks. “Our favorable basis and the asset’s strong in-place income should provide solid returns for our investors.”
Image courtesy of Yardi Matrix