Alex. Brown JV Lands Office Asset North of DC

The company bought the four-story office building with Washington Property Co. and plans to make capital upgrades to the property.
One Research Court, Rockville, Md.

One Research Court, Rockville, Md.

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