ROCKVILLE, MD--Iselin, NJ-based Ivy Realty has acquired Twinbrook Office Center, a 163,194-square foot office building located at 1700 Rockville Pike, for $33 million.
Special servicer CWCapital Asset Management put the property on the market earlier this year, recruiting Gerry Trainor, executive managing director in Transwestern's Mid-Atlantic Capital Markets Group, to market it on its behalf.
CWCapital acquired the building from JBG Cos. five years ago for $30 million.
Ivy Realty plans to make cosmetic renovations to the building, which is 71% leased to such tenants as Merck, Novartis Pharmaceuticals and Bayer Pharmaceuticals.
There are other monetization efforts Ivy Realty could make in the longer term, Trainor suggested in an earlier interview, when the building was first placed on the market. With its location next to the Twinbrook Metro station, it could charge for parking in the front of the building.
There are also development possibilities to explore in the longer term. At one time JBG Cos. had considered adding four stories to the building and developing an apartment building in the parking lot.
“The property has unlimited FAR, only the height has restrictions,” Trainor said.
ROCKVILLE, MD--Iselin, NJ-based Ivy Realty has acquired Twinbrook Office Center, a 163,194-square foot office building located at 1700 Rockville Pike, for $33 million.
Special servicer CWCapital Asset Management put the property on the market earlier this year, recruiting Gerry Trainor, executive managing director in Transwestern's Mid-Atlantic Capital Markets Group, to market it on its behalf.
CWCapital acquired the building from JBG Cos. five years ago for $30 million.
Ivy Realty plans to make cosmetic renovations to the building, which is 71% leased to such tenants as Merck, Novartis Pharmaceuticals and Bayer Pharmaceuticals.
There are other monetization efforts Ivy Realty could make in the longer term, Trainor suggested in an earlier interview, when the building was first placed on the market. With its location next to the Twinbrook Metro station, it could charge for parking in the front of the building.
There are also development possibilities to explore in the longer term. At one time JBG Cos. had considered adding four stories to the building and developing an apartment building in the parking lot.
“The property has unlimited FAR, only the height has restrictions,” Trainor said.
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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.
