LANHAM, MD–Cohen Equities has sold 7900 Harkins Rd., an approximately 327,240-square foot office building for $82 million, or $251 per square foot, to Kawa Capital Management.
It was a significant deal for Cohen Equities as the company had acquired the twelve-story property in August 2015 for a mere $20.4 million, or $66 per square foot.
The reason for the increased valuation, of course, was the 252,952-square foot lease that education technology 2U signed in the first quarter of 2016, bringing the building to full occupancy. It was the highest per square foot sales price in Prince George's county since 2007, according to JLL.
Prior the 2U lease the building had been close to empty, having been vacated by government contractor CSC. The 2U lease was a relief for the local government, which had tried hard to keep CSC in its space.
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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.
