Bill Prutting Jr. and John Norjen of CB Richard Ellis' Washington, DC office and Pat Gunne in the firm's Dublin office orchestrated the sale on behalf of GLL, which acquired the building in mid-December 2005 for $82.5 million on behalf one of its European co-mingled funds. As of this July, the property will have an assessed value of $43.2 million.
Two Washingtonian is located at 9737 Washingtonian Blvd. off Interstate 270 in Montgomery County. The property was developed in 2002 and counts Marriott International as its primary tenant, occupying space about 130,000 sf of space under a long-term lease. Comsys Information Technology Services leased 46,300 sf of space in the building in 2004 under a 10-year lease that began in early 2005.
GLL's decision to dispose of the property did not fit within its general strategy. "GLL typically is a long-term investor, but the capital market conditions were so favorable that the sale appeared to be the prudent course of action to take on behalf of our investors," Dietmar Georg, principal in charge of GLL's US operations, says.
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