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Metro Park North Sells With $127 Mil Price Tag

ROCKVILLE, MD-Metro Park North--a 17-building property housing 905,000 sf of office and flex space in the I-270 Corridor--changes hands from one California real estate firm to another, as PS Business Parks purchases the complex in a $127 million deal. Seller GIC Realty finally unloads the property after two failed attempts earlier this year.

By Barbra Murray | Updated on January 02, 2002

ROCKVILLE, MD-The 903,000-sf multi-use complex Metro Park North has been sold by Redwood City, CA-based GIC Realty to Glendale, CA’s PS Business Parks, Inc. for $127 million. The disposition of the 17-building property comes after the breakdown of purchase negotiations with Mack-Cali in July, and a joint venture of Carr Capital and Invesco Realty Advisors in October. Metro Park North was expected to command about $125 million on both occasions. GIC purchased the property–which was constructed by Trammell Crow between 1982 and 1990–for $95 million back in 1997.

Metro Park North sits in the Interstate 270 Corridor and offers 692,000 sf of office space and 211,000 sf of flex space. The complex boasts 95% occupancy, with US Government offices accounting for one-fourth of the complex. A PS Business Parks release notes: “This acquisition gives the Company a presence in the prestigious Rockville, MD submarket and significantly increases its overall presence in the Maryland/Northern Virginia market to approximately 4.4 million square feet. The acquisition increases the Company’s total square footage to 14.8 million rentable square feet. The Company will continue to apply a disciplined approach to its acquisition program while seeking additional acquisitions in this and other markets across the country.”

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