Bridge Investment Buys Revamped Maryland Office Asset
- Mar 27, 2020
Bridge Investment Group has acquired 77 Upper Rock, a 235,210-square-foot, Class A office building in Rockville, Md. The company completed the purchase through its subsidiary, Bridge Office Fund Manager. According to public records, the previous owner was DSC Partners.
Located at 77 Upper Rock Circle, the eight-story building came online in 2005 and recently underwent a $6.5 million repositioning program. Capital improvements included upgrades to the lobby, conference center, restrooms and elevators, the addition of a tenant lounge with Wi-Fi, a coffee bar and several breakout areas. Tenants also have access to outdoor seating, a new fitness center with a yoga studio, locker rooms and Peloton bicycles.
The building is home to companies such as M&T Bank, Cisco Systems, Nutricia North America, Aurinia and Potomac-Hudson Engineering. Office availabilities at 77 Upper Rock range from 7,515 to over 30,000 square feet.
The property is situated at the interchange of Shady Grove Road and Interstate 270, within the Upper Rock District, an expansive live-work-play community. The campus includes Gables Upper Rock, a 551-unit community completed in 2004, and 34,700 square feet of retail space.
Tommy Spinosa, acquisitions director at Bridge Investment Group, represented the buyer in-house. JLL Senior Managing Director Andrew Weir worked on behalf of the seller.