Cushman & Wakefield announced today that its partnership with an affiliate of Marcus Partners has proved to be beneficial for two of the investment fund’s Washington, DC area acquisitions: Park Plaza I at 2101 Gaither Road, Rockville Md., and Park Plaza II at 2099 Gaither Road, Rockville, Md. Since the completion of building upgrades and added tenant amenities, the properties have secured five deals totaling over 70,000 SF in the past several months. The most recent deal being with OPIS, who has leased approximately 37,000 square feet of office space in Park Plaza II.
“The improvements Marcus Partners has made to the properties, such as the complete courtyard renovation and the addition of a high-end Starbucks-branded cafe have increased the quality of the assets,” said Cushman & Wakefield’s Ben Powell, Executive Director assigned to this building along with Senior Associate Gwen Fraker. “I think this is a clear example of how investing in quality suburban assets with the amenities that tenants are looking for today can prove to be very successful.
Park Plaza I and Park Plaza II were acquired by Marcus Partners in 2015, with Park Plaza II being the first of the two buildings purchased by the company. After extensive upgrades to both properties, including a high-end Starbucks branded café, a complete outdoor transformation, a yoga and meditation room, fitness center, and a conference facility the buildings were successfully repositioned in the market and able to compete with other assets in the area. These changes not only attracted large companies like OPIS, but also companies such as JOOLA, Boizelle Insurance Associates, Alqimi and Integral Consulting Services, who all signed leases in the last several months.
“We are excited to see the market’s response to our enhanced amenities. In addition to the strong leasing completed, we continue to witness great activity from new prospective tenants and receive very positive feedback from the brokerage community,” said Andrew Dolinsky, Regional Director for Marcus Partners.
About Marcus Partners
Marcus Partners is a value-oriented real estate investment firm based in Boston, Massachusetts with additional offices in Metro New York and Washington D.C. The firm invests in real estate and related assets, pursuing a mix of strategic and opportunistic investment strategies. Marcus Partners has built its reputation as a real estate investment firm grounded by a deep belief in value investing and is experienced in the complexities of real estate and the capital markets. Marcus Partners prides itself on its high quality work on complex financial transactions in today's real estate environment and is currently investing its Marcus Capital Partners Fund II into a diversified portfolio of office, bio-medical, medical office, warehouse and light industrial properties in major metropolitan areas primarily east of the Mississippi River.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.