Bridge Investment Group Acquires DC Office Complex
- Jan 02, 2019
A subsidiary of Bridge Investment Group has acquired Station Square, a 510,200-square-foot Class A office complex in the heart of Silver Spring, Md, from Brandywine Realty Trust. Bridge Office Fund Manager LLC purchased the three-building complex, located directly adjacent to a D.C. Metrorail station.
The three properties—1100 Wayne Avenue, 1010 Wayne Avenue and 84848 Georgia Avenue—are located in downtown Silver Spring, Md., a 20-minute drive from downtown Washington, D.C. Bridge Investment Group plans to invest more than $12 million for renovations to the three buildings including modernized lobbies, upgraded exteriors, modernized elevators and significant improvements to mechanical systems.
“The greater D.C. region continues to benefit from a diversifying job market, the influx of Fortune 500 companies and a talented workforce,” said Tommy Spinosa, Acquisitions Director of Bridge Investment Group, in prepared remarks. “Station Square is well positioned to capitalize on growing demand for future-ready workspace that offers walkability, a sense of community and urban-style amenities within a few steps of the Metro.”
New and improved
The new owner will reposition a courtyard at 1010 Wayne Avenue with new retailers and an upgraded entry, as well as unveil a new co-working concept at 8484 Georgia Avenue. Bridge Investment Group plans to reposition select office spaces at Station Square for a new spec suite program that will include open floor plans, creative lounge space and an array of tech-friendly amenities.
Originally built between 1982 and 1987, Station Square has undergone more than $2 million in capital improvements since 2016 and is currently 80 percent occupied. Last month, a joint venture acquired One Discovery Place in downtown Silver Spring with plans to reposition the property.
Image courtesy of Bridge Investment Group