ROCKVILLE, MD-Monument Realty has been tapped to lead renovations of Executive Plaza, a two-building complex located at 6120 and 6130 Executive Boulevard in North Bethesda.
The buildings, which were constructed in the 1980s and are fully leased to The National Cancer Institute (NCI), will be vacant come September when the NCI decamps for a build-to-suit. At that point, renovations will begin.
The building last traded in 2012, when a joint venture between Lowe Enterprises and Angelo Gordon acquired the complex for $36.75 million. At the time the plan called for a $7 million to $8 million renovation that will include upgrading the lobbies, common areas and restrooms, installing new mechanical systems, repairing the building exterior and paving and improving the landscaping.
Michael Darby, Monument's Principal, said the deal was presented to the company and it had to react quickly. "The Monument-Angelo Gordon team is coming off a successful renovation at 2055 L Street and can use that experience to create a stand out project in the Maryland market," he says in a prepared statement.
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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.
