NASD, which has been the sole occupant since its purchase about 10 years ago, put the 15201 Diamondback Dr. property on the market as part of a corporate consolidation program. The new owner plans to renovate the building for multi-tenant use. Brendan Cassidy and Paul Kern of Cassidy & Pinkard have been hired to lease the property. Cassidy & Pinkard also will handle property management.
BPG Properties owns two additional office buildings in Rockville and another in Baltimore, Christian Chambers, BPG's vice president of development, who will oversee the redevelopment of the property, tells GlobeSt.com. The Rockville properties as well as the building along Diamondback Drive were purchased on behalf of its private equity fund, BPG Investment Partnership VII LP, which has total equity commitments of $550 million. The fund uses 65% to 70% leverage for its acquisitions. Most, if not all of the fund's allocation, is being invested in the mid-Atlantic region, Chambers adds. "We are aggressively seeking out new value opportunities in the region," he says.
Fund VII has more than 1.3 million sf of existing product in the Baltimore-Washington area, Chambers says. More than two million sf is in development stages. BPG began its development activities here last year in earnest when BPG opened a representative office.
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