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Meritage, GoldenTree Partner to Buy Bethesda Office

BETHESDA, MD-The partnership plans to complete $1 million in capital improvements and hopes to lease the buildings only remaining floor soon after that.

By Erika Morphy | Updated on November 20, 2006

BETHESDA, MD-Two real estate investment funds, Meritage Properties and GoldenTree InSite Partners, have partnered to acquire a local office building from AEW, who was acting on behalf of an institutional client. The acquisition price has not yet been listed in local comps, but buildings in this submarket typically trade between $220 sf to $300 per sf.

Two-thirds of the 235,000-sf building, located at 10401 Fernwood Rd., is leased to the National Institutes of Health, leaving 57,000 sf available. The building is located in North Bethesda’s Rock Spring office park. Leasing and management will be handled by Lincoln Property Co.

Andy Nathan, principal of Meritage Properties, tells GlobeSt.com that the duo plan to make $1 million in captive improvements to the building. Once the renovations are complete, he says, they will be able to lease the one vacant floor in the building at “highly competitive rates.”

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