Two-Decade-Old Office Building Brings in $200 Per SF

ROCKVILLE, MD-In a deal valued at $37.2 million, ownership of the 180,000-sf office building at 1801 Rockville Pike has changed hands. Realty Associates Advisers LLC acquired the class A property from Rockville Office Inc. for approximately $207 per sf. The seller had called the structure its own since purchasing it in 1999 from GE Investment Realty Partners I. As per Montgomery County records, the property carries a current assessed value of $34 million.

Boasting six stories wrapped around a central atrium, 1801 Rockville got its start in 1985 when LaSalle Investment Management Inc. completed construction at the nearly two-acre site, which boasts a location right in the middle of Montgomery County just off I-270 and the Capital Beltway, I-495. Previous owner Rockville Office invested a hefty sum in a massive renovation project that culminated in 2001. The occupancy level at 1801 Rockville was at 85% at the time of the transaction, with lead tenant Clear Channel Communications Inc.’s 43,000-sf space accounting for nearly one-fourth of the building. The property also boasts a four-level parking garage facility.

And along with the new ownership comes a new management team. Realty Associates has tapped McShea & Co. Inc. to head up leasing and management activity at 1801 Rockville. The team takes over from Transwestern Commercial Services, which won the leasing assignment when Spaulding & Slye Colliers stepped out of the role in September of last year.