Rubenstein Partners Adds to Rockville Portfolio with $23M Office Buy

ROCKVILLE, MD—Philadelphia-based Rubenstein Partners, L.P. has made its second office property purchase in less than six months with the acquisition of a nearly 180,000-square-foot office building “with great bones.”

The firm has acquired 2600 Tower Oaks Blvd. after purchasing the Research Plaza Office Park in Rockville, MD back in August for $38 million.

Rubenstein reportedly acquired the 179,421-square-foot 2600 Tower Oaks Blvd. in the I-270 corridor from Boston Properties for $22.7 million. The eight-story building is currently 48% leased.

The deal enables Rubenstein to grow its footprint in the Rockville market and benefit from various economies of scale, according to Steve Evans, regional director for Rubenstein. “We consider 2600 Tower Oaks Boulevard to be an extraordinarily well-located office asset with excellent visibility along I-270 and superior access to housing, labor and a broad amenity base,” he says.

Rubenstein says it intends to implement a capital program that will add an amenity package that will feature a tenant lounge, café and fitness facility, as well as an upgrade of the common areas.

Originally built in 2001, 2600 Tower Oaks “has great bones, but needs to be modernized with all of the features tenants seek in a state-of-the-art office building and surrounding vibrant environment,” says Tyler Kinn with Rubenstein, who worked on both the Research Plaza and 2600 Tower Oaks investments.

Back in August, Rubenstein announced it was also undertaking a capital improvement program on Research Plaza Office Park that was 75% leased at the time of purchase. The deal for the Class A office property at 1445-1455 Research Blvd in Rockville, MD followed the company’s sale of a major office complex in the Boston suburb of Waltham, MA—CenterPoint—for $86 million to Hilco Real Estate of Northbrook, IL.