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Office/Flex Portfolio Trades for $68M

LANHAM, MD-Cohen Cos. sells its nine-asset, 565,991-sf portfolio here for $120 per sf, a reflection of the strong performance of flex in this submarket.

By Erika Morphy | Updated on May 14, 2008

LANHAM, MD-A nine-asset, 565,991-sf office/flex portfolio here has traded for $68 million, or $120 per sf. The seller, Cohen Cos., acquired the portfolio plus additional land parcels two years ago for roughly the same price.

It is selling the portfolio to Montgomery County-based BECO Management without the land parcels. Jim Darby, Rob Foa, Gerry Trainor, and Dan Speilman of Transwestern’s Institutional Commercial Group represented the seller in the deal.

Located in Washington Business Park, the portfolio consists of two office buildings and seven flex buildings on 47.6 acres of land that is located between Route 50 and Martin Luther King Blvd. It is 89% leased to several tenants, including CACI Enterprise Solutions, Verizon Directories Services, and Science Applications.

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