Rubenstein Partners Grows Presence in MD

Boston Properties received $22.7 million for The Preserve at Tower Oaks in Rockville. The owner will be soon add a new tenant lounge, a café and a fitness facility.
The Preserve at Tower Oaks

Rubenstein Partners acquired The Preserve at Tower Oaks, a 179,421-square-foot premier office building in Rockville, Md. According to Yardi Matrix, Boston Properties sold the eight-story property for $22.7 million.

The asset was originally completed in 2001. Additionally, it is set to undergo a capital improvement plan conducted by the new owner, which will result in a new tenant lounge, a café, fitness facility and an upgraded common areas. The property is 48 percent occupied by multiple tenants, including The Monitor Group, Cohen Baldinger & Greenfeld and VariQ, Yardi Matrix data shows.

Located on 10 acres at 2600 Tower Oaks Blvd., in the Interstate 270 corridor, The Preserve at Tower Oaks offers easy access to retailers, eateries, hospitals, gyms and communities. Major thoroughfares such as Montrose Road and Dwight D. Eisenhower Highway provide easy access throughout the area.

Last month, a Rubenstein joint venture sold a fully leased Boston-area office asset for $32.3 million.

Image courtesy of Yardi Matrix