Situated on a 22.5-acre parcel at 940 Ridgebrook Rd. in the Highlands Office Park, the PHH Arval building is a three-story structure featuring class A office space. The location offers the company easy access to major markets such as Baltimore, Delaware, Pennsylvania and Washington, DC. Included in the transaction was the establishment of a new long-term lease between the new owner and vehicle fleet management firm PHH Arval, which is the sole occupant of the building. PHH had pre-leased the space for a 10-year term at $15 per sf for the first four years and nearly $17 per sf for the remaining term.

For PHH and its approximately 1,000-person workforce, the new digs allowed for a relocation from nearby Hunt Valley, MD. For the new owner, the property fits well into the company strategy. "This asset, with a tenant in place like PHH Arval, is a strong addition to our investment portfolio," BentleyForbes president C. Frederick Wehba II says. "It is a brand new class A office building in a market with long-term demand, giving the real estate strong residual value."