Orix acquired the land from Washingtonian Center developer The Peterson Companies, which lists a two-building office and hotel complex up to 500,000sf as the proposed use for the property. While the price paid for the land is not being disclosed, a neighboring 7.1-acre plot at Washingtonian Center carries a 2002 assessed value of over $3.3 million. Located off Interstate 270 near the Shady Grove Metro Station, the commercial portion of the park sits adjacent to the 460,000-sf Main Street Center, Peterson's open-air retail development.

"This parcel is one of the few remaining sites offering direct access to and visibility along I-270," Orix senior vice president and project director Lock Swift says. "The surrounding market has withstood the economic downtown and maintained strong occupancy rates, while Washingtonian Center itself is one of the most successful projects along the active I-270 corridor." The property sits in a well-traveled area of Montgomery County and is in close proximity to the offices of Hewlett Packard, Lockheed Martin and the US Food & Drug Administration. Orix plans to target health and life sciences companies as potential tenants. The company expects to complete the design process this fall, and will begin construction before year's end.