PRI Profits from 1718 Connecticut Ave. Sale; Social & Scientific Systems Renews
By Adrian Maties, Associate Editor
An entity operated by Dave Schaeffer, CEO of the Cogent Communications Group Inc., has paid $14.4 million for a landmark office building located at 1718 Connecticut Ave., N.W., in Washington, D.C. Richard McBride and Roy Ayers of Washington’s McBride Real Estate Services Inc. represented both the buyer and the seller, PRI Inc.
The building was constructed in 1982. It has 47,569 gross square feet and is fully leased to such office tenants as law firm Katz, Marshall & Banks; Policy Study Associates; Electronic Privacy; and Martell & Associates. The building’s street-level retail space is occupied by a Bethesda Bagels restaurant and A Brighter Image.
PRI Inc., headed by local investor Nicholas Papadopoulos, acquired the building for $5.5 million. It sold it as part of a planned 1031 exchange for a fully leased warehouse in Hagerstown, Md.
McBride said in a news release that PRI “wanted to maximize the sale price and have the purchaser assume approximately $4.5 million of existing debt. To meet these objectives, the McBride team marketed the property to pre-qualified investors active in the Washington, D.C., metropolitan area while simultaneously searching for prospective exchange properties.” Schaeffer’s group agreed to take on the existing debt on the property.
In other real estate-related news, Social & Scientific Systems Inc. has renewed its long-term lease at Washington Property Co.’s Silver Spring Plaza. The public health research company will occupy 88,230 square feet for its corporate headquarters.
The multi-tenant building is located at 8757 Georgia Ave. in Silver Spring, Md. It totals 14 stories and 242,000 square feet of space. Jones Lang LaSalle Inc.’s Jim Cahill, Joe Judge and Bob Shue represented the tenant, while the owner was represented by Marc Witowski of WPC.
“We made our final decision in part for economic reasons but also by listening to the compelling comments of our staff regarding proximity to the Metro, restaurants and other services and commuting distances,” Jim Lynch, president & CEO of Social & Scientific Systems, said in a news release. “After working here for more than 11 years, our employees are part of this community, and this was a perspective that was very important to us.”
Photo credits: McBride Real Estate Services
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Tags: acquisition, Acquisitions/Dispositions, Brokers, commercial real estate, economy, leasing, Local, National, Office, PRI Inc., Regional, Washington D.C. Lead Story, Washington DC