270 Corporate Center Office Park Sells for $54M

GERMANTOWN, MD-The four-building office park on Century Boulevard known as 270 Corporate Center, named for its location off Interstate 270, has sold for $54 million to BP 270 LLC. Corporate Center One through Four, accounting for a total of nearly 450,000 sf of space, are class A structures previously owned by a partnership of The Morgan Stanley Real Estate Fund II, Pain Webber Real Estate Securities, Inc., and developer Gale & Wentworth, LLC.

Corporate Center One was the first of the four structures to go up and was constructed in 1983. It offers 103,000 sf over four floors, and the 105,000-sf, four-story Corporate Center Two was completed in 1987. In 1991, the third of the park’s buildings opened up with 134,000 sf over five floors and the fourth building, also five-stories high and consisting of 106,800 sf, was finished in 1994. Corporate Center tenants include companies such as Telogy Networks, Inc., Booz, Allen & Hamilton, and the US Department of Energy and Science Applications International. Rent for space in the buildings generally ranges from $22 to $24 per-sf.