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Park Plaza II Sells for $35M

ROCKVILLE, MD-Park Plaza II, a 126,500-sf office building off Interstate 270, gets snapped up in a $35-million transaction. Developed four years ago, the class A property is fully occupied with no substantial lease roll-overs scheduled until 2011.

By Barbra Murray | Updated on October 03, 2005

ROCKVILLE, MD-Ownership of Park Plaza II has changed hands in a $35-million deal. Washington, DC-based Columbia Equity Trust Inc. purchased the 126,500-sf office facility from Opus East LLC in an off-market transaction with funds acquired through its recently closed IPO.

The deal also involves a ground lease that is valid for the next 71 years, with options. Developed in 2001, the building and the nearly three-acre parcel it occupies have a total current assessed value of $17.2 million.

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