Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETHESDA, MD-The Shady Grove Executive Center is now owned by real estate investment company the Meridian Group and Northwestern Mutual following a $90-million transaction. The two companies purchased the office park from IBM and one-time Spaulding & Slye principals.

Shady Grove, which Spaulding & Slye developed between 1985 and 1989, offers 570,000 sf of office space dispersed among five structures. Also, there are two sites on the property that can accommodate 200,000 sf of additional office space. The Meridian and Nowrthwestern joint venture will not begin construction on the two other sites until a significant amount of pre-leasing is accomplished.

“We are delighted to acquire one of the premier office parks in Montgomery County,” says Meridian President David Cheek, “which is located in one of the strongest submarkets in the Washington, DC metropolitan area — the I-270/Rockville submarket.” Currently, the complex is 99% leased, with tenants Lockheed Martin and GSA occupying 85% of the space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.