Friday, September 2, 2016

Washington Property Co. acquires 2nd I-270 corridor office building, as CubeSmart opens (Photos)

Washington Property Company announced yesterday that it has acquired a second office building in the same I-270 corridor office park where it has just converted another one into a self-storage facility. That facility, under the CubeSmart brand, has just opened at 4 Research Place in Rockville.

WPC is more bullish on office space with the second building, 1 Research Court, which it and partner Alex. Brown Realty, Inc. plan to continue to operate as an office property. The partners acquired it for about $17 million. Built in 2001, the office building is 89% occupied by 14 tenants. WPC plans to upgrade the building's lobby, elevators, bathrooms and fitness center, to maintain its competitive edge in the market.

“We believe that our planned value-add improvements, along with a dearth of new supply, will increase this property’s appeal to small- and medium-sized businesses, including those in the life sciences," WPC principal Andrew Eshelman said in a statement yesterday. Life sciences and biotech are two bright spots in the moribund Montgomery County private sector economy, and the 270 corridor is the place to be for those industries.

CubeSmart is one of the top four self-storage brands in America, and space can be rented now either online, or by visiting the site in-person. If you've driven past on 270 recently, you've probably noticed the new building facade that faces the highway. The building has 715 climate-controlled storage units, and indoor, air-conditioned corridors to reach them.

Photos courtesy Washington Property Company

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