“Washington Property Company was attracted to the deep value opportunity of buying a functional and leasable office building at $28 per square foot,” Eshelman said. “The property's underlying zoning allows for future redevelopment as residential or retail space.”

Eshelman says that WPC is seeking other opportunistic acquisitions across the Washington, DC metropolitan area.

BETHESDA, MD–Washington Property Co. has acquired two office buildings in the Maryland and Virginia suburbs that could be characterized as deep value opportunities.

In Fairfax County, WPC acquired Computer Science Corp.'s former headquarters, a 116,000 square foot office building located at 3160 Fairview Park Blvd., for $7.150 million. The company has vacated the property and consolidated into other locations. James Molloy of JLL represented the seller in the transaction.

“At $62 per square foot, this fully functional office building represents a great opportunity for repositioning as a headquarters location,” said Andrew Eshelman, Principal-Acquisitions for WPC in a prepared statement. “We plan to gut all systems and renovate the building, then re-lease it speculatively to tenants seeking renovated Class A space at the lowest Class A rental rates.”

In the Wheaton/Glenmont submarket in Montgomery County, WPC has acquired 12125 Veirs Mill Rd., a 28,000-square foot office building located at the intersection of Randolph Road and Veirs Mill Road, It is currently 50% occupied. The property was acquired for $815,000 from Cornerstone Realty Advisors. Eric Berkman of Cushman & Wakefield brokered the deal. WPC has retained Jay Clogg Realty Group to lease the property.

“Washington Property Company was attracted to the deep value opportunity of buying a functional and leasable office building at $28 per square foot,” Eshelman said. “The property's underlying zoning allows for future redevelopment as residential or retail space.”

Eshelman says that WPC is seeking other opportunistic acquisitions across the Washington, DC metropolitan area.