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Executive Plaza Fetches $85M

BETHESDA, MD-Executive Plaza--a connected two-building structure of over 331,000-sf that was constructed in 1985--sells for a whopping $85 million.

By Barbra Murray | Updated on April 29, 2002

BETHESDA, MD-The 17-year-old Executive Plaza has changed ownership from Executive Plaza Associates to Rockwood Capital Corp. in an $85-million cash transaction. At $257 per-sf, the sale is believed to be the highest price per sf commanded for a building in the North Bethesda marketplace. The property is fully leased by the National Institutes of Health until 2009.

Connected via an enclosed walkway, the two eight-story buildings at 6120 – 6130 Executive Boulevard account for a total of 331,254 sf of office space. The property also offers an 850-car parking garage and surface parking space. Montgomery County records give the complex a current assessment value of a little more than $62 million. The property came on the market at the end of last year, with The Greenwich Group International, LLC handling the sale on behalf of the owner. “There was a $9 million to $10 million spread between the lowest bid and the eventual selling price,” Greenwich’s Peter Witham shares with GlobeSt.com. However, money was not the only issue in selecting the right buyer. “Confidence with closing and no contingencies on financing were also factors,” he says. “Rockwood was an all cash buyer, which was advantageous from the owners’ perspective.”

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