Silver Spring Complex Trades for $75M

The Hines-Calipers JV, National Office Partners, acquired Station Square from Moore in 2005 for $130 million. In a statement CEO Lloyd Moore attributes the current cap rate environment--which is settling in at levels much higher than 2005--as part of the readjusted selling price. Moore & Associates did not return a call to GlobeSt.com in time for publication. The approximate 500,000-square-foot building is occupied by MayaTech Corp., Commerce Department's NOAA and TEKsystems. CBRE's Bill Prutting Jr., Bill Kaye and Randall Heilig represented the sellers.

There have been few recent deals in Silver Spring that could serve as comps to this transaction. According to Jones Lang LaSalle's Q4 data, noteworthy deals in suburban Maryland in Q4 2009 included the Congressional Gateway Center, a 378,109-square-foot building in Landover, which traded for $3.3 million, or $9 per square foot. The former Giant Food headquarters, consisting of three Class B buildings, was completely vacant. Also Verizon's former 123,144-square-foot building at 3901 Calverton Blvd. in Beltsville, MD was sold by lender UBS for $6 million or $49 per square foot, to Merritt Properties. The 49,413-square-foot Laurel Place One at 14405 Laurel Pl. in Laurel traded for $3.9 million, or $79 per square foot.