Shady Grove Executive Trades for $60M

ROCKVILLE, MD-PS Business Parks has acquired Shady Grove ExecutiveCenter for $60 million from BlackRock. The locally-based businesspark, which is 72% occupied, is a three-building, 350,000-square footcomplex that is leased to 17 tenants. James Molloy and Collins Egewith Jones Lang LaSalle represented BlackRock in the deal.

Lockheed Martin has been a tenant in the park since its inception,which helped position it for PS BusinessParks‘ purposes, Molloy tells GlobeSt.com. “They were looking for an opportunistic play with a good basis.” The sale was not a distressed transaction, he adds. Also,Rockville has seen an uptick in demand from tenants. It won’t benecessary for PS Business Parks to reposition or upgrade the property,according to Molloy, as BlackRock has invested in the center,including recently upgrading the HVAC systems.

PS Business Parks is looking to increase its presence in theMontgomery County marketplace, Molloy says. The company already ownsproduct off of Route 20 and in north Silver Spring.