PHH Arval HQ Building Sells for $42M

SPARKS, MD-The new US headquarters of PHH Arval, a 216,000-sf build-to-suit facility, gets a new owner now that construction has reached an end. Los Angeles-based real estate company BentleyForbes purchased the property from seller Highland Partners LLC, an entity affiliated with Partners Realty Trust Inc. Highland called on Opus East to handle construction of the property and broke ground on the project in late 2002. Preston Partners Inc., which represented the seller in the deal, had marketed the building in July of last year at $37.5 million.

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.