Located at 6495 New Hampshire Ave., the complex was formerly the headquarters of Suburban Bank but now is home to Bank of America, which occupies a 7,000-sf space. The Bank of America building is currently 90% leased. Other tenants include the Visiting Nurses Association, which makes its home in a 26,000-sf space.
"This is an undervalued property with strong upside potential, in part because of near-term rollovers of leases with significantly below-market rents," Lexin president Metin Negrin explains. "This office complex, in a prime location, provides an opportunity to reposition the property to secure more competitive rates and enhance future value." Lexin plans to spend an additional $1.35 million on major upgrades.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
