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BETHESDA, MD-GE Asset Management has acquired the 247,100-sf office building known as Two Rockledge Centre. According to Montgomery County property records, the building and the nearly six-acre parcel it occupies have a current assessed value of $39 million.

With the assistance of CB Richard Ellis’ Institutional Group, TIAA-CREF’s TIAA Realty Inc. sold the fully occupied structure for an undisclosed amount. Located at 6701 Rockledge Dr., Two Rockledge Centre sits off I-270 near the one million-sf Montgomery Mall. The 10-story structure was developed in 1986 with the National Institutes of Health as the sole tenant for the last decade.

NIH’s Center for Scientific Review, National Heart, Lung & Blood Institute and the NIH Federal Credit Union all make their home at Two Rockledge Centre. The US General Services Administration, acting on behalf of NIH, renewed the organization’s lease on the building in July for an additional 10 years at a rate of $28.75 per sf.

Real estate services firm Spaulding & Slye Colliers had been charged with handling leasing activates at the property under TIAA’s ownership. “Two Rockledge Centre was highly sought after by a wide variety of investment groups, as it is a high quality property with outstanding visibility along I-270 and certain long term cash flow,” says CBRE’s John Norjen. Norjen facilitated the disposition on TIAA’s behalf along with colleague Bill Prutting. CBRE’s Dave Machlin, Tim Hutchens and Patrick Mahady also participated in the transaction. GE Asset Management could not be reached by deadline.

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