Speaking to GlobeSt.com, Paul J. Collins of Cassidy & Pinkard, the real estate services firm that represented the seller, attests that there was a significant amount of interest in the portfolio. "It was marketed widely," he says, and in the end, "we ended up with a handful of offers."
Situated in the middle of the I-270 Corridor in Montgomery County, the 48-acre Decoverly Office Park boasts a strategic location within sight of the Montgomery County Life Sciences Center, the Johns Hopkins Center for Advanced Studies, and the University of Maryland's Center for Advanced Research in Biotechnology.
The two existing office structures involved in the deal--the 78,000-sf Building Two and the 77,000-sf Building Three--were developed in 1987 and 1989, respectively, and have a total assessed value of approximately $23 million. At the time of the deal, Building Two was fully leased to Spirent Communications, and Building Three was leased out up to an 83% occupancy level by Spirent and Network Associates.
But there's so much more to the portfolio than first meets the eye. In addition to the office buildings, the new acquisition bundle features a 3.2-acre parcel that has already been approved for a four-story, 105,000-sf office structure. Parking facilities for this structure, Building Six, are already in place. Finally, a ground lease on four-year-old Building Seven was part of the deal, as well. NASD, which owns the actual 250,000-sf building occupying the 7.5-acre parcel, is committed to leasing that land until 2097.
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