{"id":1004147710,"date":"2016-07-08T05:03:03","date_gmt":"2016-07-08T13:03:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147710"},"modified":"2022-12-07T23:21:31","modified_gmt":"2022-12-08T07:21:31","slug":"alex-brown-jv-lands-office-asset-north-of-dc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/alex-brown-jv-lands-office-asset-north-of-dc\/","title":{"rendered":"Alex. Brown JV Lands Office Asset North of DC"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"One<\/a>

One Research Court, Rockville, Md.<\/p><\/div>\n

Rockville, Md.<\/strong>\u2014A joint venture organized by Alex. Brown Realty<\/a> and Washington Property Co.<\/a> recently acquired One Research Court, a four-story, 113,620-square-foot office building in Rockville, 23 miles north of downtown D.C.<\/p>\n

Value-add real estate fund ABR Chesapeake Fund V, which is sponsored by Alex. Brown Realty, invested $5.5 million, with acquisition financing secured through Fulton Bank. The company did not disclose other financial details, but Montgomery County records note that the asset changed hands mid-June for a total of $17 million. The last official assessment estimates the property at approximately $18.9 million.<\/p>\n

Currently 89 percent occupied by 14 tenants, One Research Court is located right next to Interstate 270, in a dense commercial corridor<\/a> and close to Johns Hopkins\u2019 Montgomery County Campus. The property, which sits on a 5.3-acre site, was built in 2001 and offers 28,118-square-foot floor plates. The joint venture is planning capital upgrades, including improvements to the lobby, elevators and gym, and a new on-site conference center.<\/p>\n

\u201cWe\u2019re seeing excellent demand in the market for well-located, high-quality buildings like One Research Court,\u201d said John Prugh, president & CEO of Alex. Brown Realty, in prepared remarks. \u201cOur favorable basis and the asset\u2019s strong in-place income should provide solid returns for our investors.\u201d<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company bought the four-story office building with Washington Property Co. and plans to make capital upgrades to the property.<\/p>\n","protected":false},"author":740,"featured_media":1004147712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,11,21742,21747,1615],"tags":[],"class_list":["post-1004147710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-midatlantic","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"\nAlex. Brown JV Lands Office Asset North of DC - 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\/alex-brown-jv-lands-office-asset-north-of-dc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alex. 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