ROCKVILLE, MD–Suburban office properties that have some mileage on them are in trouble. Many are vacant, are located in office parks with few amenities nearby, and must be reached by car. Few people want to work in such an environment — but they have little problem storing their extra belongings in such a building.
Enter Washington Property Co. and its solution for 4 Research Place, an erstwhile office building it acquired in 2006. During that time period — 2006 to 2007 — the company, in fact, bought a handful of suburban offices including 1390 Piccard Dr., 15201 Diamondback Dr. and Washingtonian South. Its plan was to rehab and reposition them for price-sensitive tenants who wouldn't mind being located in refurbished buildings because they were relatively close to Washington DC, Downtown Rockville and Silver Spring.
In the case of 4 Research Park, the plan work — the building was fully leased four months ahead of schedule.
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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.
