Rockville Office Complex Sold for $18.25M

The two-building office complex at 1801 and 1803 Research Boulevard in Rockville, MD traded hands this week for $18.25 million. Christopher Kubler of NAI KLNB, in cooperation with C-III Realty Services, brokered the transaction between unnamed LLCs on both the buyer and seller side. According to a GlobeSt.com report, the complex was 48% leased at the time of sale.

While Rockville's average occupancy rate hovers around 85%, the partially-leased property which boasts nearly 260,000 square feet of rentable space still drew multiple bids, owing to the potential of the complex. "We believe the strong attraction to the portfolio was stimulated by the backfill opportunity that can add value to the purchase, and its ownership by a lender entity," said Kubler in a statement.

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