Corporate Campus Sells for $266 Per SF

ROCKVILLE, MD-Following a heated competition among hopeful buyers, HRPT Property Trust walked away with ownership of the 283,000-sf office property in North Rockville at 9715-9719 Key West Ave. after forking over $73.3 million. With the assistance of Advantis Real Estate Services Co.’s Advantis/GVA, Danac Corp. sold the three-building corporate campus for $266 per sf. Judging by office property sales for the year so far, the Key West complex sale is way ahead of the game in terms of numbers; according to Advantis’s Mid-Year 2004 Office Report, the average sale price for such class A facilities in Suburban Maryland is $221.90 per sf.

Danac Corp. developed the multi-structure property as a class A offering two years ago. Today, the three adjoining structures are 100% occupied by software company Manguistics Group Inc. and biotechnology firm TheraCom Inc. And the new owner need not be concerned about leasing activities in the near future, as the occupants are both under long-term lease agreements that are not scheduled to expire until the end of 2012.

“We did have very good interest in the buildings,” Advantis/GVA’s Jim Miesel tells GlobeSt.com. Miesel and colleagues Dek Potts and Kevin McGloon were the exclusive representatives for the seller, and served as the only brokers on the deal. “It got very competitive at the end among an elite group of three or four bidders. The buildings are very new, very state-of-the-art headquarters buildings. It’s definitely a trophy quality property, and I think that is what got a lot of folks’ attention.”