The Hines-Calipers JV, National Office Partners, acquiredStation Square from Moore in 2005 for $130 million. In a statementCEO Lloyd Moore attributes the current cap rate environment--whichis settling in at levels much higher than 2005--as part of thereadjusted selling price. Moore & Associates did not return acall to in time for publication. The approximate500,000-square-foot building is occupied by MayaTech Corp.,Commerce Department's NOAA and TEKsystems. CBRE's Bill PruttingJr., Bill Kaye and Randall Heilig represented the sellers.


There have been few recent deals in Silver Spring that couldserve as comps to this transaction. According to Jones LangLaSalle's Q4 data, noteworthy deals in suburban Maryland in Q4 2009included the Congressional Gateway Center, a 378,109-square-footbuilding in Landover, which traded for $3.3 million, or $9 persquare foot. The former Giant Food headquarters, consisting ofthree Class B buildings, was completely vacant. Also Verizon'sformer 123,144-square-foot building at 3901 Calverton Blvd. inBeltsville, MD was sold by lender UBS for $6 million or $49 persquare foot, to Merritt Properties. The 49,413-square-foot LaurelPlace One at 14405 Laurel Pl. in Laurel traded for $3.9 million, or$79 per square foot.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.