PS Business Parks Receives $149M for Metro DC Assets
- Oct 09, 2019
After growing its footprint in Northern Virginia last year, PS Business Parks has been trading some of its assets in Maryland. The company has sold Metro Park North, Meadow Business Park and WesTech Bussiness Park, three business parks in Montgomery County, Md., for a combined $149 million.
The office campuses comprise 28 buildings totaling nearly 1.3 million square feet and are located near major state routes and interstates. Following the transaction, the former owner retained one single-tenant government building of 113,000 square feet at Metro Park North featuring a long-term lease.
Metro Park North is located in the North Rockville submarket, along Calhoun Drive and Standish Place. The assets are off Route 355 and less than 5 miles from Interstate 270 and provide approximately 1 million square feet of traditional offices and flex suites, as well as an onsite gym and conference center facilities. The campus—which is home to major corporations and government institutions such as the U.S. Food and Drug Administration—has been part of PS Business Park’s portfolio since 2001, according to Yardi Matrix data.
Meadows Business Park and WesTech Business Park consist of 12 single-story flex office buildings located off Route 29 in Silver Spring, Md. The 36-acre campus is near the east County Center for Science & Technology as well as the brand new Washington Adventist Hospital. Tenants can also walk to a number of restaurants and office services including Staples and FedEx. According to Yardi Matrix, PS Business Park bought WesTech Business Park from Grosvenor in 2006.