WASHINGTON, DC– HFF announced it has closed the sale of 11800 Tech Road (top left photo), a 228,179-square-foot flex office building in Silver Spring, Maryland.
HFF marketed the property exclusively on behalf of the seller, Corporate Office Properties Trust (COPT). A joint venture between Finmarc Management and the Goldstar Group acquired the property for $21.3 million free and clear of debt.
The building is located in the North Silver Spring/Route 29 submarket of Silver Spring approximately 14 miles north of Washington, D.C. Originally built in 1969, approximately $2.3 million has been spent on capital improvements and building renovations since 2003. The property is 83 percent leased to tenants such as Comcast, U.S. General Services Administration and Holy Cross Hospital.
The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel (top right photo), Dek Potts (middle left photo) and Andrew Weir (middle right photo) along with executive managing director Stephen Conley (lower left photo)
Finmarc Management Inc., formed in 1987, provides management services for retail, hotel, office, flex and warehouse properties. The firm concentrates on well-located properties that can be reshaped, re-merchandised and repositioned to meet local market dynamics. They currently manage a portfolio in excess of five million square feet in the Washington, D.C. metropolitan area. 
The Goldstar Group, based in Bethesda, Maryland, was formed in 1995 to focus on value creation through opportunistic situations within the commercial real estate industry. Focusing on assets in the Mid-Atlantic region, the firm invests on behalf of its clients including discretionary Goldstar Real Estate Funds I & II—dedicated capital sources for commercial acquisitions, institutional capital investors (opportunity funds, life insurance companies, etc.) and high net worth individuals.
Contacts:
JAMES A. MEISEL
HFF Senior Managing Director
(202) 533-2500
STEPHEN D. POTTS, JR
HFF Senior Managing Director
(202) 533-2500
ANDREW M. WEIR
HFF Senior Managing Director
(202) 533-2500
STEPHEN C. CONLEY
HFF Executive Managing Director
(202) 533-2500
MYRA F. MOREN
HFF Director, Marketing
(713) 852-3500
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