Oekos Buys Maryland Office Property for $44M
- Apr 11, 2008
Oekos Management Corp. has acquired Rivers Corporate Center, a portfolio of nine single-story office buildings in Columbia, Md., from Rivers Center L.L.C. for $44 million. Manekin L.L.C. brokered the transaction. The company’s vice president George Santos and sales and leasing representative Ted Swingle will continue to serve as leasing agents for the project.Located in the Rivers Corporate Park, the portfolio totals 280,000 rentable square feet of space. The property is 93 percent leased to United Healthcare, Data Direct Networks, Applied Data Systems, Staples, Celsion Corporation, Segami and St. Agnes Healthcare.“This deal confirms the resilience of the market in uncertain economic times,” Manekin Investment Services senior associate Don Schline said in a release today. “The CAP rate based on in-place income is in line with the CAP rate that would have been expected before the onset of the debt crisis of 2007.”“Rivers Corporate Center has been a stable asset that remains well-leased due to its location and close proximity to Baltimore, Washington, Fort Meade and BWI-Thurgood Marshall Airport,” added Swingle.