Developed only eight years ago, Discovery Center is a class A structure that is fully leased to gargantuan media and entertainment company Discovery Communications Inc., which maintains its 550,000-sf global headquarters complex in the city at One Discovery Place. The property, which underwent an upgrade in 2000, has a 2003 assessed value of approximately $15.5 million. It last changed hands in 1999 when Kennett acquired it for just $10.25 million.
In light of current real estate market conditions, particularly in the greater Washington, DC region, Discovery Center was destined to be snapped up in a hurry. "There are just so few viable investment vehicles out there, given where the stock market is," Transwestern's Andy Stape tells GlobeSt.com. Stape organized the deal along with colleagues Bob Filley, Wes Scott, Joe Friedman, and Bob Kravitz. "This investment created a very stable cash flow in the up-and-coming and thriving market of Montgomery County."
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