PRP and GMF Purchase Maryland Office for $88M
D.C.-based management investment firm PRP and New York-based private equity firm GMF Capital have purchased Two Washingtonian, an office property in Gaithersburg, Md., from the James Campbell Company for $88.2 million.
The 293,711-square-foot building, located at 9727-9737 Washingtonian Boulevard, is occupied by Leidos, according to a statement from PRP. The science and technology firm will occupy the entire building beginning in January 2020 with a lease that runs through June 2032.
PRP plans to redevelop the property, which was built in 2003, per the statement. Catering to Leidos’ needs, updates will include high tech office and sensitive compartmented information facilities, which are used to process a type of classified information.
The five-story property is next to Rio at Washingtonian which has retail tenants including Target, Kohl’s, Dick’s Sporting Goods, AMC Theaters and South Moon Under.
PRP has acquired eight office buildings over the past two years, Paul Dougherty, president at PRP, said in a prepared statement.
“Two Washingtonian furthers our efforts to build upon our mission critical net lease office portfolio,” he said. “We remain incredibly bullish on the positive fundamentals for this sector given the myriad of investment opportunities available.” PRP is slated to have $1 billion in investments by the end of this year, Dougherty added.