One Washingtonian Center Sold for $90M

CB Richard Ellis Investors successfully acquired One Washington Center in Gaithersburg, MD from LaSalle Investment Management Inc. this month for a purchase price of $90 million, or roughly $285 per square foot, according to a Washington Business Journal article. LaSalle originally purchased the property in 2000 for $59.25 million as reported in tax records. Cassidy Turley represented LaSalle in the transaction; the buyer's representation was undisclosed.

One Washingtonian Center,built in 1989, is a 315,929 square foot Class A office building located at 9801 Washingtonian Boulevard just off of Interstate 270 in Gaithersburg. In July 2010, the building received LEED Platinum certification by the U.S. Green Building Council under the Leadership in Energy and Environmental Design for Existing Buildings: Operations & Maintenance Green Building Rating System. The building was reportedly 88% leased at the time of sale with Sodexo, Inc. as its anchor tenant occupying over half of the property as its North American headquarters.

"Our commitment to sustainability, coupled with our interest in amenity-rich, pedestrian-friendly, mixed-use properties, make this an ideal fit for the Strategic Partners U.S Value 5 portfolio," Vance Maddocks, president of CBRE Strategic Partners U.S., said in a press release. "We are thrilled to acquire such a high-quality, well-located building in this market and believe that our capital campaign, coupled with our strength of ownership, will give One Washingtonian Center a distinct competitive advantage in the market."

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