Bethesda Office Building Comes To Market With Recently Renewed Full-Building Government Lease

11/9/16

Transwestern Retained as Sales Agent for 247,414 SF Asset

Transwestern today announces it has been retained by Eagle Canyon Corp. of San Ramon, California, to sell Two Rockledge Centre. The 247,414-square-foot, Class A office building, located at 6701 Rockledge Drive in Bethesda, Maryland, is fully leased to the U.S. National Institutes of Health (NIH), which recently signed a 15-year lease renewal. The property is valued in the high $80 million range, with expectations for a cap rate just under 6 percent. Gerry Trainor, Mark Glagola, Jim Cardellicchio and Wes Machowsky of Transwestern’s Mid-Atlantic Capital Markets Group are the lead listing agents for the property.

“This property presents an excellent long-term core investment opportunity,” said Glagola. “It offers very easy access to Interstates 495 and 270 and great visibility from the road.”

NIH has occupied 100 percent of the building since 1995, and the property is now set to undergo a renovation as part of the lease renewal.NIH utilizes the facility for its National Heart, Lung, and Blood Institute, among other needs.

The property is located in “DNA Alley,” which is home to the leading companies mapping the human genome and the headquarters of the U.S. Food and Drug Administration, Johns Hopkins University ? Montgomery County Campus and numerous other bioscience institutions and facilities.

ABOUT TRANSWESTERN

Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.