Pillsbury Winthrop Shaw Pittman LLP provided legal representation to Boston Properties, and DLA Piper provided legal representation to Prudential Real Estate Investors. The price was not released; however, an industry source tells GlobeSt.com that the deal was very indicative of Downtown Bethesda prices, trading for more than $400 per sf.
The complex, which was designed by Skidmore Owings & Merrill LLP, is situated on a 15.4-acre site in the Rock Spring Office Park. Located at 6901, 6903 and 6905 Rockledge Dr., the three buildings surround an outdoor plaza. 6903 Rockledge centers the complex at 15 stories.
Paul Collins tells GlobeSt.com that the complex is still a trophy-quality asset despite its age. The occupancy rate, he says, is in the high 80s, thus providing the new owner with a value-add opportunity. "They will be leasing up the balance of the space and there are also some below market leases that will be raised," he says. The asking rate will be in the high 30s.
Brendan Cassidy, John Myers and Rocky Kern of Cassidy & Pinkard Colliers will be handling the leasing and marketing for the property. Current occupants include hospitality, financial services and real estate companies.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
