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Available For Sale - Office

274,320 SF

AVAILABILITY DETAILS

Size
274,320 SF
Price/SF
N/A - Contact for Info
Listing ID
SA254980
Notes
Avison Young, as exclusive advisor to the owner, is pleased to present the opportunity to acquire 1801 and 1803 Research Boulevard (“1801 & 1803 Research” or “Property”). 1801 & 1803 Research contains 274,320 square feet within two newly-renovated and amenitized buildings that have frontage on a highly visible section of I-270 in Rockville, Maryland where over 225,000 cars pass by each day. |The Property is a best-of-class asset that boasts strong occupancy and cash flow. Its location in a submarket that has historically attracted the best tenancy in Montgomery County has been proven over time. This asset is poised to capture rent growth from increasing demand as well as dwindling supply in the market. Vacancy in the North Rockville submarket has been slashed in half due to new entrants and expansion of existing tenancy primarily in the government contracting sector. A recent trend that is expected to significantly increase over the next 24 to 36 months is the reduction of existing office supply through the redevelopment and repurposing of over 800,000 sf into residential, biotech, warehouse and retail uses. This activity represents a structural change in the amount of existing space in the market which should increase the value of 1801 & 1803 Research. |This 83% leased asset boasts a tenancy that is among the strongest in the submarket and includes Marriott, Hendell, (c) Management, CRB Engineering, and Strayer University and to diverse companies that conduct business in the engineering, medical, technology, financial services, and educational fields. Ownership has invested over $6 million in capital improvements to provide first class amenities that rival downtown assets such as a multi-functional conference center, tenant lounge areas, updated common area finishes (lobby, elevator, and restrooms), floor replacement, landscaping enhancements, and new parking lots. |The Property will benefit from new walkable retail amenities that have recently been delivered just three blocks away on Research Boulevard. The presence of these additional facilities will further fuel leasing interest and support cash flow growth. Research Row is a 125,000-sf retail development by Foulger Pratt that includes One Life Fitness, Chick-fil-A, and Cooper’s Hawk Winery, which will add to the dining and fitness options for the current and future tenants of 1801 & 1803 Research.
Uses
Office

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
John Kevill, Avison Young