{"id":1004602480,"date":"2022-09-13T02:18:19","date_gmt":"2022-09-13T10:18:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004602480"},"modified":"2022-12-09T02:40:06","modified_gmt":"2022-12-09T10:40:06","slug":"cp-group-jv-acquires-709-ksf-bethesda-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cp-group-jv-acquires-709-ksf-bethesda-office-campus\/","title":{"rendered":"CP Group JV Acquires Office Campus in Bethesda"},"content":{"rendered":"
\"\"<\/a>

Democracy Center. Image courtesy of CP Group<\/p><\/div>\n

A joint venture between CP Group<\/strong> and DRA Advisors<\/strong> has acquired the 709,313-square-foot Democracy Center in Bethesda, Md.<\/p>\n

The three-building Class A office campus was developed by Boston Properties<\/strong>, designed by Skidmore Owings and Merill <\/strong>and previously owned by PGIM Real Estate<\/strong>, according to CommercialEdge data.<\/p>\n

\u201cDemocracy Center is the ideal asset to lead our re-entry into the DMV market as we focus on acquiring well-located, underperforming properties in markets characterized by long-term secular growth,” Tommy Spinosa, senior VP at CP Group, told Commercial Property Executive.<\/em> “The existing tenancy at the asset boasts strong creditworthiness and remaining lease term, allowing us to stay on offense in the next few years as we reposition the asset for the next era of tenancy that will call this reimagined office campus home.\u201d<\/p>\n

CP Group plans to invest more than $12 million in adding new amenities to the property, including a conference center and lounge. Common area, lobby and restroom upgrades are also included in the capital improvement program. The new owner will develop an entire floor of spec suites as part of its flexible workspace program, worCPlaces, which began rolling out its first move-in-ready locations<\/a> in Atlanta in August.<\/p>\n

Located at 6901, 6903 and 6905 Rockledge Drive, within the Interstate 270 Corridor, Democracy Center features outdoor plazas, a fitness center, a daycare, a sports court and a Starbucks. Activated greenspaces as well as water efficiency, recycling and tenant health and wellbeing are going to be prioritized initiatives on the office campus.<\/p>\n

Building one, at nine stories, has office space leased to companies including New York Life, Weitz Financial Group and Centrus, CommercialEdge data shows. Building two features 15 stories, including 3,500 square feet of retail space, and houses tenants such as Rubino, Goodman Realtors, Nationwide Insurance and McDonald\u2019s. Building three, at nine stories, is occupied by HMSHost.<\/p>\n

CP Group’s recent buys<\/h2>\n

In the past year, the joint venture of CP Group and DRA has made three acquisitions, including the recent purchase of a 47-story asset in Miami<\/a>. CP Group has also remained active through other partnerships, buying a Fort Lauderdale, Fla., mixed-use property for a reported $144.5 million, as well as the tallest building in Atlanta<\/a>, both in the first few months of the year.<\/p>\n

The Democracy Center transaction is CP Group’s first in the greater Washington, D.C., market since it opened its regional office in the city in 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Democracy Center marks the third acquisition for the firm\u2019s partnership with DRA Advisors this year.<\/p>\n","protected":false},"author":3006,"featured_media":1004602484,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747,1615],"tags":[32843,51165,33919,34714,36182],"class_list":["post-1004602480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-boston-properties-inc","tag-cp-group","tag-dra-advisors-llc","tag-pgim-real-estate","tag-skidmore-owings-and-merrill"],"acf":[],"yoast_head":"\nCP Group JV Acquires 709 KSF Office Campus in Bethesda - CPE<\/title>\n<meta name=\"description\" content=\"The 709,313-square-foot Democracy Center marks the third acquisition for the joint venture of CP Group and DRA Advisors this year.\" \/>\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\/cp-group-jv-acquires-709-ksf-bethesda-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CP Group JV Acquires Office Campus in Bethesda\" \/>\n<meta property=\"og:description\" content=\"The 709,313-square-foot Democracy Center marks the third acquisition for the joint venture of CP Group and DRA Advisors this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cp-group-jv-acquires-709-ksf-bethesda-office-campus\/\" \/>\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=\"2022-09-13T10:18:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:40:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Democracy-Center.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cp-group-jv-acquires-709-ksf-bethesda-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cp-group-jv-acquires-709-ksf-bethesda-office-campus\/\",\"name\":\"CP Group JV Acquires 709 KSF Office Campus in Bethesda - 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