Small Office Building Brings in a Solid $131 Per SF

WASHINGTON, DC-Ownership of the office property at 4550 Forbes Blvd. in the Palmer Business Center has changed hands in a recent transaction valued at approximately $6.1 million, or $131 per-sf. Relying on the assistance of Ken Smondrowski and Peter Rosan of real estate services firm Advantis/GVA, a Baltimore-based equity investor operating under the name 4550 Forbes Boulevard LLC took over ownership of the nearly 47,000- from WSL Family LP. JM Zells Partners’ Louis Kluger represented the seller.

Developed two decades ago, 4550 Forbes Blvd. occupies a 2.4-acre parcel off Rte. 50 and Martin Luther King Blvd. According to Prince George’s County records, the property has a current assessed value of $4 million.