Office REIT Sells Maryland Portfolio for $62M

Two of the properties are in the Woodlawn area of Baltimore, while the third asset is in Rockville, about 17 miles northwest of Washington, D.C.
1401 Rockville Pike. Image via Google Street View

Office Properties Income Trust has sold three suburban Maryland office properties for $61.9 million, excluding any closing costs. The buyer was not disclosed.

All three buildings are managed by The RMR Group, a Massachusetts-based alternative asset management company.

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Two of the properties are in the Woodlawn area of Baltimore, about 8 miles west of downtown, while the third office building is located in Rockville, Md., a town about 17 miles northwest of Washington, D.C. Earlier this month, DSC Partners landed a $138 million loan for the acquisition of a 28-building office and industrial portfolio in Montgomery County, Md.

Woodmont Office Center, located at 1401 Rockville Pike, is the largest of the three properties, at 190,044 square feet. Built in 1986, the Class B asset has 33,947-square-foot floor plates and is about 94 percent occupied. The six-story building houses government tenants and also includes 12,000 square feet of retail space. The property last changed hands in 1998, when OPI purchased the asset for $32 million from seller Highridge Partners, according to Yardi Matrix data.

Located within Meadows Business Park in Woodlawn, Md., the four-story 6300 Security Blvd. was built in 1973 and totals 123,027 square feet. The Class B property was completely renovated in 1996 and is 100 percent occupied by government tenants. OPI purchased the building in 2011 for $19.7 million from seller Colony Capital.

Just down the street and within the same business park is 6340 Security Blvd., a 59,534-square-foot Class B office property that is currently 19 percent occupied. Built in 1973, the two-story building last changed hands in 2011 for $7.8 million.