Cushman & Wakefield recently helped facilitate the partial interest sale of Irvington Centre at King Farm, a 526,263-square-foot (sf), three building development located in Rockville, Md. Banyan Street Capital acquired a stake in Irvington Centre and, in partnership with a state pension fund, plans to renovate and reposition the complex in order to cater to Rockville’s rapidly growing workforce.
“This complex is truly a best-in-class product offering high-end building finishes and design, accessibility to transportation and major interstates, and is located in a recognized and credible biotech hub,” said Paul Collins, executive vice chairman at Cushman & Wakefield. “We’re optimistic about the area’s future and are confident that the current and future tenants of this development will only benefit from what’s to come.”
The building currently sits on King Farm, a 43-acre, mixed-use community with parkland, swimming pools and walking/biking trails. It is also located near multiple shopping and dining options including King Farm Village, Shady Grove Center, Rio at Washingtonian and Downtown Crown with the Shady Grove Metro Station less than a mile away. The planned renovations include upgraded amenities and refreshed lobbies.
The property is currently 78 percent leased.
The Cushman & Wakefield team of Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Collins and Shaun Weinberg represented the state pension fund in the transaction and Cushman & Wakefield has been selected to serve as the building’s leasing agent.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.comor follow @CushWake on Twitter.
