Holliday Fenoglio Fowler LP (HFF), as exclusive representative, is marketing a two-building, 327,453-square-foot, Class A office complex for sale in Rockville, Maryland. The portfolio, located at 6120 and 6130 Executive Boulevard and known as Executive Plaza, is currently 68% leased to eight tenants with 9.3 years of weighted average remaining lease term.
Over $14.7 million has been invested in the properties to deliver a best-in-class, on-site amenity package, including a state-of-the-art fitness center with towel service, bike room, an on-site cybercafé and a 4,281-square-foot conference center capable of seating up to 250 people. The renovations also included full main lobby upgrades, new elevator lobbies and corridors on all floors and a complete modernization of the HVAC systems. These upgrades have generated significant leasing demand at the properties, resulting in more than 210,000 square feet (68% of total RBA) of net absorption since May 2016.
The portfolio’s existing tenancy is anchored by Abt Associates Inc. (Abt), who leases the entirety of 6130 Executive Boulevard (155,939 square feet, which is 48% of total portfolio RBA) through June 2028. At the time of tenant lease execution, it was the largest private sector lease signed in Montgomery County in more than a decade. Abt is a global research and consulting firm with over 3,000 employees in 11 offices around the world. Abt’s tenancy both provides stable in-place cash flow while the portfolio’s remaining vacancy is leased, and it demonstrates the ongoing trend of tenants migrating from the more expensive Bethesda area to competitively priced, highly amenitized Metrorail proximate assets such as Executive Plaza.
For more information on this commercial real estate listing or any other office properties for sale in the Washington, D.C. area, please contact Jim Meisel, Andrew Weir, Matt Nicolson or Dave Baker in HFF’s Washington, D.C. office. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.
Photos: Nick Waring