The transaction was brokered by Dek Potts and Jim Meisel, both from the Washington, DC office of GVA Advantis.
Recent comparable sales in Rockville include 4 Research Pl., a 77,000-sf building that traded at $165 per sf. 2 Research Pl., a 45,000-sf office building, also sold recently for $180 sf. They were 47% and 65% occupied at the time of sale, respectively.
Rental rates for North Rockville, the building's submarket, range from $26 per sf to $27 per sf overall; class B buildings such as 15201 Diamondback Dr. typically receive $24.50 per sf. At a 11.2% vacancy rate, North Rockville is in a slightly slower growth mode than the rest of Montgomery County.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
