Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Shady Grove Plaza, a 186,051-square-foot, Class A office building in Rockville, Maryland.
HFF marketed the property on behalf of the seller, Meritage Properties, and procured the buyer.
Shady Grove Plaza is prominently situated at the intersection of Shady Grove Road and Interstate 270 in northern Rockville. The Interstate 270 corridor of Montgomery County is one of the most highly sought-after suburban office markets in the Washington, D.C. area and is home to one of the largest biotech and life sciences clusters in the United States. Recent improvements at the four-story property include an upgraded fitness center, conference center, café and tenant lounge. Shady Grove Plaza is leased to 30 tenants, including Hillcrest Laboratories, Children’s Hospital and The Donaldson Group.
The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir, executive managing director Stephen Conley and associate director Matt Nicholson.
About Meritage Properties
Founded in 2003, Meritage Properties is a value-oriented owner operator of office properties primarily focused on the Boston to Washington, D.C. corridor. Meritage combines disciplined underwriting metrics, best-in-class operating principles, outstanding business reputation and ethics, and an unwavering commitment to excellence to create value by repositioning underperforming assets into market sector leaders. Since inception, Meritage has acquired interests in approximately 3.7 million square feet of office space.www.meritageprop.com
About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
