20-Acre Parcel Paves Way for Office Project

BETHESDA, MD-Opus East LLC has taken a 20-acre parcel of land in the 40-acre Rock Spring Park off the hands of Houston-headquartered developer Hines in a recent deal. Opus plans to develop a 220,000 to 450,000-sf speculative office project on the land, which is developable up to 876,000 sf among a maximum of four structures. Financial terms of the transaction have not been released; however, Montgomery County records note that the property’s current assessed value is $11.5 million.

Located near the intersection of I-270 and I-495 in the North Bethesda submarket, Rock Spring Park is already home to three office structures and boasts such tenants as IBM, Lockheed Martin, Marriott and the National Institute of Health. Construction on the class A development–the size specifications of which have yet to be determined–could begin as early as the first quarter of next year.