Transwestern today announces it brokered the disposition of Twinbrook Office Center at 1700 Rockville Pike in Rockville, Maryland. Ivy Realty acquired the 163,194-square-foot property for $33 million. Gerry Trainor, executive managing director in Transwestern’s Mid-Atlantic Capital Markets Group, represented the undisclosed seller in the transaction.
“The Twinbrook area is being transformed into an amenity-rich neighborhood anchored by the Twinbrook Metro Station,” said Trainor. “This was a compelling opportunity for Ivy Realty to be a part of that revitalization and shape the future of the area.”
Ivy Realty plans to make cosmetic renovations to the property to enhance its marketability. The building is 71 percent leased to a strong mix of national tenants including Merck, Novartis Pharmaceuticals and Bayer Pharmaceuticals, with an average remaining lease term of over four years.
Transwestern’s Mid-Atlantic Capital Markets Group focuses on investment services throughout the Washington, D.C., region, providing clients with a high level of personalized service and market knowledge. During the past 24 months, the group’s transactions have exceeded$2 billion in aggregate value. The team’s success is a direct result of detailed underwriting and keen understanding of the local, national and international investment communities. For more information, visit the Mid-Atlantic Capital Markets Group website or call Gerry Trainor at 202.775.7091.
ABOUT IVY REALTY
Founded in 1996, Ivy Realty is a Greenwich, Connecticut-based real estate investment, development and management company with a portfolio exceeding 6 million square feet of office, industrial and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S. and Southeast Florida. For more information, visit www.ivy-realty.com.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.
