X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROCKVILLE, MD-Ownership of Park Plaza II has changed hands in a $35-million deal. Washington, DC-based Columbia Equity Trust Inc. purchased the 126,500-sf office facility from Opus East LLC in an off-market transaction with funds acquired through its recently closed IPO.

The deal also involves a ground lease that is valid for the next 71 years, with options. Developed in 2001, the building and the nearly three-acre parcel it occupies have a total current assessed value of $17.2 million.

Carrying the address of 2099 Gaither Rd., Park Plaza II sits in the North Rockville submarket, just off Interstate 270 and near the 430-acre King Farm mixed-use property. The six-story structure is leased to maximum capacity and features no significant roll-overs until 2011. Among the building occupants are lead tenant Institutional Shareholder Services, SI International and Opus East.

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?

GlobeSt

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

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