Lockheed Martin has been a tenant in the park since its inception,which helped position it for PS BusinessParks' purposes, Molloy tells GlobeSt.com. "They were looking for an opportunistic play with a good basis." The sale was not a distressed transaction, he adds. Also,Rockville has seen an uptick in demand from tenants. It won't benecessary for PS Business Parks to reposition or upgrade the property,according to Molloy, as BlackRock has invested in the center,including recently upgrading the HVAC systems.
PS Business Parks is looking to increase its presence in theMontgomery County marketplace, Molloy says. The company already ownsproduct off of Route 20 and in north Silver Spring.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com 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.
