The price tag for the transaction has not yet been disclosed by the parties involved; however, the three buildings have an aggregate assessed value of $68.6 million, according to Montgomery County real estate records. CB Richard Ellis Institutional Group represented the seller, while Hines repped NOP.
Station Square sits at the core of the Downtown area not far from the Capital Beltway. The complex is right across from the new headquarters of Discovery Communications and, while it features its own underground parking facility, the property also sit in a location next to a 1,800-space public parking structure.
Moore developed the complex, which consists of the 18-year-old Atrium@Station Square, located at 1010 Wayne Ave., the newest of the three buildings and 192,000 gross sf. Plaza@Station Square was developed in 1984 at 8484 Georgia Ave. and offers 145,000 sf, while the 23-year-old Colonnade@Station Square at 1100 Wayne Ave. offers 192,000 sf.
The complex is 99% occupied with a tenant roster that includes the federal government, Howard University, business and legal information solutions provider Pike & Fischer and cable network TV One. Speaking about the transaction, Hines vice president John Harned says, "The critical mass of office tenants, retail and cultural amenities, and housing supported by a major regional transit center make Station Square and Silver Spring an excellent long-term investment for Hines and CalPERS."
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