Bridge Investment Group Acquires MD Office Asset
The firm plans to implement capital improvements at the recently-repositioned, class-A office property, located in the DC suburb of Rockville, MD.
ROCKVILLE, MD – Bridge Office Fund Manager, the subsidiary of Bridge Investment Group LLC, has purchased the class-A office asset, 77 Upper Rock, located in the Washington DC suburb, Rockville, Maryland.
Built in 2005, the 235,210-square-foot office campus is located at the interchange of Shady Grove Road and Interstate 270.
77 Upper Rock recently underwent a $6.5 million repositioning to implement new amenities and capital improvements to the lobby, conference center, restrooms, parking garage and elevators. The renovations added new indoor and outdoor seating areas, a tenant lounge, coffee bar, breakout areas and a fitness center with a yoga studio, locker rooms and Peloton bikes.
Bridge Investment Group intends to invest additional capital improvements to maintain the property, with planned projects such as a new FF&E package in the main lobby, common area refurbishments, amenity space enhancements, a new signage package and the buildout of 16,000 square feet of spec suites. Renovations at the site will commence immediately. The firm will oversee the redevelopment work and property management.
The property currently boasts available office spaces, ranging from 7,515 square feet to 30,000 square feet. Within the past eight months, more than 104,000 square feet of leasing activity has taken place at 77 Upper Rock. The property currently leases to tenants, including M&T Bank Corporation, Aurinia, Cisco Systems Inc., Nutricia North America and Potomac-Hudson Engineering.
The city’s Shady Grove office submarket, in which the asset is located, recorded 11 leases of more than 20,000 square feet each in 2018, and 12 of such leases in the first half of 2019. Previous to this activity, the submarket experienced an annual average of six such leases from 2000 to 2017.
This recent acquisition brings Bridge Office Fund Manager’s Maryland portfolio to total more than 1.1 million square feet. The company additionally owns the 427,000-square-foot, SkyBridge Towers in Bethesda, Maryland and the 510,200-square-foot, Station Square in Silver Spring, Maryland. Overall, the real estate investment management firm’s office subsidiary manages a portfolio of more than 14.1 million square feet across 15 states.
Bridge Investment Group’s acquisition director, Tommy Spinosa represented the firm in the acquisition. JLL’s Andrew Weir represented the seller in the transaction.