$65M Office Complex for Washingtonian Center

GAITHERSBURG, MD-Chicago, IL based real estate developer Orix Real Estate Equities Inc. takes its plan to build a 350,000-sf office complex a step further with the recent purchase of a 7.4-acre plot in the city’s mixed-use Washingtonian Center business Park. Orix spokesperson Kathy Bell Koster of Koster & Company tells GlobeSt.com that the total cost for the dual-structure project, Washingtonian South, will be $65 million.

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.