{"id":1004056650,"date":"2012-12-25T19:53:35","date_gmt":"2012-12-26T03:53:35","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=90506"},"modified":"2020-05-11T01:32:05","modified_gmt":"2020-05-11T09:32:05","slug":"pri-profits-from-1718-connecticut-ave-sale-social-scientific-systems-renews","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pri-profits-from-1718-connecticut-ave-sale-social-scientific-systems-renews\/","title":{"rendered":"PRI Profits from 1718 Connecticut Ave. Sale; Social &amp; Scientific Systems Renews"},"content":{"rendered":"<p><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">An entity operated by Dave Schaeffer, CEO <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/New-Bitmap-Image.bmp\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-90508\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/New-Bitmap-Image.bmp\" alt=\"\" width=\"258\" height=\"177\" \/><\/a>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\u2019s  McBride Real Estate Services Inc. represented both the buyer and the seller, PRI Inc.<\/p>\n<p style=\"text-align: justify\">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 &amp; Banks; Policy Study Associates; Electronic Privacy; and Martell &amp; Associates. The building\u2019s street-level retail space is occupied by a Bethesda Bagels restaurant and A Brighter Image.<\/p>\n<p style=\"text-align: justify\">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.<\/p>\n<p style=\"text-align: justify\">McBride said in a news release that PRI \u201cwanted 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.\u201d Schaeffer\u2019s group agreed to take on the existing debt on the property.<\/p>\n<p style=\"text-align: justify\">In other real estate-related news, Social &amp; Scientific Systems Inc. has renewed its long-term lease at Washington Property Co.\u2019s Silver Spring Plaza. The public health research company will occupy 88,230 square feet for its corporate headquarters.<\/p>\n<p style=\"text-align: justify\">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.\u2019s Jim Cahill, Joe Judge and Bob Shue represented the tenant, while the owner was represented by Marc Witowski of WPC.<\/p>\n<p style=\"text-align: justify\">&#8220;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,&#8221; Jim Lynch, president &amp; CEO of Social &amp; Scientific Systems, said in a news release. &#8220;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.&#8221;<\/p>\n<h6 style=\"text-align: justify\">Photo credits: <a href=\"https:\/\/www.mcbrideres.com\" rel=\"nofollow\">McBride Real Estate Services<\/a><\/h6>\n<h6>Click<strong> <\/strong><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-occupancy-investment-activity-on-the-rise-in-the-nations-capital\/1004056730.html\" rel=\"nofollow\"><strong>here<\/strong><\/a> for more market data on Washington, D.C.<\/h6>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 Avenue, NW in Washington, DC. Richard McBride and Roy Ayers of Washington, DC&rsquo;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 include the law firm of Katz, Marshall &amp; Banks, Policy Study Associates, Electronic Privacy, and Martell &amp; Associates. The building&rsquo;s street level retail space is occupied by a Bethesda Bagels restaurant and A Brighter Image.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004056650","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PRI Profits from 1718 Connecticut Ave. Sale; Social &amp; Scientific Systems Renews - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pri-profits-from-1718-connecticut-ave-sale-social-scientific-systems-renews\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PRI Profits from 1718 Connecticut Ave. Sale; Social &amp; Scientific Systems Renews\" \/>\n<meta property=\"og:description\" content=\"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 Avenue, NW in Washington, DC. Richard McBride and Roy Ayers of Washington, DC&rsquo;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 include the law firm of Katz, Marshall &amp; Banks, Policy Study Associates, Electronic Privacy, and Martell &amp; Associates. The building&rsquo;s street level retail space is occupied by a Bethesda Bagels restaurant and A Brighter Image.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pri-profits-from-1718-connecticut-ave-sale-social-scientific-systems-renews\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-26T03:53:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T09:32:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/New-Bitmap-Image.bmp\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pri-profits-from-1718-connecticut-ave-sale-social-scientific-systems-renews\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pri-profits-from-1718-connecticut-ave-sale-social-scientific-systems-renews\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"PRI Profits from 1718 Connecticut Ave. Sale; 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