Pillsbury Winthrop Shaw Pittman LLP provided legalrepresentation to Boston Properties, and DLA Piper provided legalrepresentation to Prudential Real Estate Investors. The price wasnot released; however, an industry source tells GlobeSt.com thatthe deal was very indicative of Downtown Bethesda prices, tradingfor more than $400 per sf.
The complex, which was designed by Skidmore Owings & MerrillLLP, is situated on a 15.4-acre site in the Rock Spring OfficePark. Located at 6901, 6903 and 6905 Rockledge Dr., the threebuildings surround an outdoor plaza. 6903 Rockledge centers thecomplex at 15 stories.
Paul Collins tells GlobeSt.com that the complex is still atrophy-quality asset despite its age. The occupancy rate, he says,is in the high 80s, thus providing the new owner with a value-addopportunity. "They will be leasing up the balance of the space andthere are also some below market leases that will be raised," hesays. The asking rate will be in the high 30s.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
