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81,900-SF Office Sells for $13M

ROCKVILLE, MD-In a $12.8-million deal, Washington Property Co. takes ownership of the 81,900-sf office property at 4 Research Pl. The transaction includes a parcel that can accommodate the development of a commercial structure as large as 29,000 sf.

By Barbra Murray | Updated on April 19, 2006

ROCKVILLE, MD-Washington Property Co. has purchased 4 Research Pl., an 81,900-sf office building located on a 5.4-acre parcel, for $12.8 million. The property, which has a current assessed value of $8.5 million, includes land that can accommodate the development of 29,000 sf of commercial space.

With the assistance of GVA Advantis, Four Research Place LLC sold the property 15 years after having acquired it for approximately $3.1 million. Located off Interstate 270 in North Rockville, 4 Research Pl. was developed in 1969.

The property is half-leased to a handful of tenants including ABS Consulting and Strayer University, which leased 20,000 sf at the locale last year. The building was last upgraded in 1992 and 1994. The new owner plans to submit the property to renovations, as well.

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