Suburban DC Office Building Sells for $4M

Transwestern handled the sale of a 27,500-square-foot office/flex building located in Rockville, Md. The building last traded in 2000 for $4.3 million.
1335 Piccard Drive, Rockville, Md.
1335 Piccard Drive, Rockville, Md.

Jarher Investments LLC acquired Piccard Drive Health Center, an office/ flex building located at 1335 Piccard Drive in Rockville, Md. for $4.2 million. Transwestern Senior Vice Presidents Guy Copperthite and Jim Darby acted on behalf of the seller, 1335 Piccard LLC, an entity affiliated with Well Stone Corp., public records show. According to PropertyShark, the building last traded in 2000 for $4.3 million.

Built in 1971, the 27,500-square-foot building sits on a 5.7-acre parcel, in D.C.’s North Rockville submarket. It features a recently renovated entrance and 96 parking spaces. Transportation is facilitated by Shady Grove Metro Station and a bus station conveniently located in front of the building. It also provides direct access to Shady Grove Road and Interstate 270, with Washington, D.C. a half-hour drive away. The building is anchored by the Montgomery Department Of Health and Human Services. Shady Grove Medical Pavilion, located just nearby, serves similar tenant purposes.

We had substantial interest in this property from pure office users, educational/school groups, adult daycare groups and self-storage, which created a healthy, competitive environment for the sale,” Copperthite said in a prepared statement. “The new ownership has plans to convert the building into an assisted living and senior care facility.

Image courtesy of Transwestern