Boston Company Takes Three Slices of the D.C. Office Pie
- Aug 03, 2015
Greater Washington is going into an office sales frenzy. Several important transactions have rocked the region in recent weeks, and it seems that investors just can’t stop. On July 28, three more office/lab buildings in the metro area changed owners.
The properties are located at 25, 35 and 45 W. Watkins Mill Road, in the Washington, D.C., suburb of Gaithersburg. Together they offer a total of 139,938 square feet of space. Philadelphia-based Equus Capital Partners Ltd. sold the three buildings to Tritower Financial Group, a private real estate investment firm headquartered in Boston, for $29.4 million.
HFF L.P. represented the seller in the transaction and also assisted the buyer in securing a 10-year, fixed-rate acquisition loan with a life insurance company. The HFF investment sales team that represented Equus Capital Partners included senior managing directors Jim Meisel, Dek Potts and Andrew Weir; executive managing director Stephen Conley; and associate director Matthew Nicholson. Managing director Cary Abod, of HFF’s debt placement team, represented the new owner.
Tritower’s new properties are located on a combined 12.7 acres within Montgomery County’s I-270 corridor, a well-known life sciences center. They are close to the new Watkins Mill Town Center and have easy access to Rockville Pike, Routes 117 and 124, and the Intercounty Connector. According to HFF, the properties are 95 percent occupied by tenants such as MedImmune and Amplimmune, wholly owned subsidiaries of AstraZeneca.
Photo credit: HFF