Executive Plaza in Bethesda, MD Sells for $36.75M
Prudential Financial, Inc. has closed on the sale of Executive Plaza in Bethesda, MD to a joint venture between Lowe Enterprises and Angelo Gordon.
The two, 100 percent GSA-leased, Class A office buildings fetched $36.75 million.
Senior Vice President Jim Molloy and Vice President Jason DeWitt led the Jones Lang LaSalle team that brokered the transaction on behalf of Prudential Financial.
Executive Plaza is located at 6120 and 6130 Executive Boulevard in North Bethesda. The eight-story buildings are 177,171 and 151,557 square feet, respectively.
The property was built in 1985 and 1987 between I-270 and Rockville Pike. It is 100 percent leased through September 2013.
“With the property’s sole tenant, National Cancer Institute, vacating for a build-to-suit in the fall of 2013, Executive Plaza presented a compelling value-add opportunity for Lowe and Angelo Gordon to reposition the asset and reintroduce the buildings to an improving suburban leasing market in the 2014 and 2015 window.” said Molloy in a statement.
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