HFF Closes Sale of Gaithersburg, MD Office/Lab Buildings

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of 55 and 65 West Watkins Mill Road, two flex office lab buildings totaling 82,405 square feet in Gaithersburg, Maryland.

HFF senior managing directors Jim Meisel (top right photo) and Dek Potts (top left photo) and senior real estate analyst Jimmy Barter led the investment sales team on behalf of the seller, RREEF. BioMed Realty Trust purchased the property for $14.385 million free and clear of debt.

55 and 65 West Watkins Mill Road are within Bennington Corporate Center in the Interstate 270 corridor in Gaithersburg, Maryland.

Completed in 1999, the properties consist of a 39,505-square-foot, two-story office building and a 42,900-square-foot single-story lab/office building. 55 West Watkins Mill Road is fully leased to MedImmune, and GenVec leases the entire 65 West Watkins Mill Road.

“This product clearly fits very well for BioMed as they seek to add to their Maryland portfolio,” said Meisel.

 RREEF Real Estate acquires and manages investments in commercial and residential property, and real estate securities on behalf of its institutional and private clients worldwide.

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. BioMed acquires, develops, owns and operates laboratory and office space.

Contacts:
James A. Meisel, HFF Senior Managing Director, (202) 533-2500, jmeisel@hfflp.com
Stephen "Dek" Potts Jr., HFF Senior Managing Director, (202) 533-2500, dpotts@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes $31.25M sale of Gables Rothbury in suburban Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Gables Rothbury (top left photo) , a 204-unit, Class A multi-housing community in Montgomery Village, Maryland.

HFF managing director Dave Nachison (middle right photo)  and director Alan Davis (bottom left photo)  led the marketing efforts on behalf of the seller, Gables Residential.

Avalon Bay Communities, Inc. purchased the property for $31.25 million, all cash.

Gables Rothbury is located at 20120 Rothbury Lane approximately 21 miles northwest of Washington, D.C. via Interstate 270 in Montgomery Village, Maryland.

Completed in 2005, the property has one-, two- and three-bedroom units averaging 1,111 square feet each. Community amenities at the 96% occupied complex include a fitness center, swimming pool, business center, conference room, resident library, community room with billiard table, picnic area with grills, children’s playground, storage units and 48 attached garages.

“Gables Rothbury is the highest quality multi-housing property in the Gaithersburg/Germantown submarket. It is uniquely positioned to benefit from favorable fundamentals such as strong demand from consistent population and job growth. Future supply constraints due to the current economic climate will ensure superior operating performance,” said Nachison.

Gables Residential is a privately owned REIT, which owns, develops and manages multi-housing communities and mixed-use developments in Atlanta, Austin, Dallas, Houston, South Florida, Southern California and metropolitan Washington, D.C.

Additionally it has third-party management operations in the Chicago, New York, Phoenix, central and North Florida and Washington state markets. Currently, the company manages more than 35,000 apartment homes, owns 63 communities with nearly 17,000 units and has an additional 20 communities in lease-up or under development.

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500,  dnachison@hfflp.com
Alan M. Davis, HFF Director (202) 533-2500,  adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500krmurphy@hfflp.com

$18M financing for DC’s 1100 G Street, NW arranged by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $18 million in financing for 1100 G Street, NW, (top left photo)  an 11-story, 109,959-square-foot office building in Washington, D.C.

HFF director Dan McIntyre (middle right photo)  worked exclusively on behalf of the borrower, a venture composed of a value-added fund advised by UBS Global Asset Management and entities controlled by the J Street Companies, in arranging the three-year revolving line of credit with TD Bank.

1100 G Street, NW is located at the corner of 11th and G Streets, three blocks west of the Verizon Center (bottom right photo)  and across the street from Metro Center in the heart of the East End submarket of Washington, D.C.

 The free-standing property is 85% leased and features a three-level underground parking garage and 10,000-square-foot floor plates, which are “ideal for the District’s significant base of medium-sized tenants”.

A major renovation to the property is well underway including upgrades and restorations to the exterior façade and entry, main lobby, common area corridors and restrooms.

With more than 32 years of real estate investment advisory experience, the US real estate business of UBS Global Asset Management has approximately $12.9 billion under management on behalf of over 300 clients.

In addition to its US real estate business, UBS Global Asset Management, Global Real Estate also manages investments in Europe, Asia and Australia, totaling more than $54 billion in real estate and real estate securities worldwide.

In the US it operates through its legal entities, UBS Realty Investors LLC and UBS AgriVest LLC, registered investment advisors.

Contacts:
Daniel J. McIntyre, HFF Director, (202) 533-2500, dmcintyre@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852 3500, krmurphy@hfflp.com