Built in 1983, the four-story building commanded the exact amount of the owner's asking price. The space also offers 4.25 parking spots per 1,000 sf of office space. MCTFCU acquired the structure back in 1994, and Advantis represented the association in that transaction, as well. Speaking to GlobeSt.com, Advantis' Catherine Goodrich Miller explains that "between 1994, when they purchased it and 2001, when they sold it, there was significant appreciation on the building." MCTFCU paid $2.9 million for 200 Professional Drive in 1994, allowing the credit union to walk away with a $3.9 million profit seven years later.
As part of the deal, MCTFCU provided seller financing, and will continue to occupy part of the building through a leaseback arrangement with the Williamson Group. The arrangement is a temporary one, a three-year lease, which gives the credit union time to erect a new building to be located on Rockville Pike. Construction on that space has yet to begin. "In terms of its new building," Miller says, "MCTFCU has owned that land for many years, and will have its new headquarters and a branch bank on the first floor of the building." Government contractor DRS is the only other tenant in the fully leased space at 200 Professional Drive, occupying 42,500-sf. "DRS' lease has a good amount of time left on it," Miller says.
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