July 6, 2016
Research Court Building with 90% Occupancy Acquired
One Research Court, a 113,620 square foot office building in Rockville has been acquired by a joint venture of Alex Brown Realty, Inc. and Washington Property Company. Financing for the acquisition was provided by Fulton Bank, N.A.
One Research Court caters to small to mid-sized tenants and is currently 89% occupied by 14 tenants. Built in 2001, the four-story building offers excellent access to I-270 via the Shady Grove exit, as well as the Intercounty Connector and the Washingtonian Center retail corridor. The joint venture plans capital improvements including upgrades to the lobby, bathrooms, elevators and gym and will also create a conference center within the building.
“We’re seeing excellent demand in the market for well-located, high-quality buildings like One Research Court,” noted John Prugh, president and CEO of ABR. “Our favorable basis and the asset’s strong in-place income should provide solid returns for our investors.”
“We believe that quality buildings like One Research Court built post 2000, where owners invest capital in building and tenant improvements, will see continued occupancy and rental rate gains, especially where there is little or no new supply,” stated Andrew Eshelman, Principal-Acquisitions of Washington Property Company.
For more information view the entire press release here.