MC Real Estate Acquires Maryland Office Campus
By Keith Loria September 9, 2019 12:44 pm
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Recently launched MC Real Estate Partners and its institutional partner have acquired Executive Plaza, a 327,000-square-foot office property in Rockville, Md., according to JLL (JLL).
The two-building property has undergone extensive renovations through its previous owners, Angelo Gordon and Monument Realty, according to JLL, who represented both sides in the transaction.
The deal marks the second office acquisition for MC Real Estate, which was founded earlier this year by former Meritage CEO Andy Nathan and former ClearRock Properties managing principal Steve Gant.
“MCRE is thrilled to have made our first D.C. area acquisition so soon after our formation,” Nathan said in a company release. “Steve and I have each been active locally for over 20 years and see Executive Plaza as an ideal addition to our portfolio. Angelo Gordon and Monument did a wonderful job repositioning Executive Plaza and we look forward to guiding the asset through its next level transformation.”
Located at 6120 and 6130 Executive Boulevard, Executive Plaza was built in 1995 and offers approximately 10,000 square feet of amenities, including a creative lounge, café, wellness center and 3,700-square-foot conference room. There’s also a scenic outdoor plaza with café seating, lounge areas and walking paths.
Global consulting firm Abt Associates signed a full-building lease at 6130 three years ago.
The property is situated close to I-270 and I-495 in North Bethesda, and is near both the Pike and Rose mixed-use development and the White Flint Metro station.
The Polinger Company will provide on-site property management services and Avison Young’s Bob Dickman will serve as the property’s leasing agent.
JLL’s Jim Meisel and Matt Nicholson represented the seller and sourced the buyer for the deal, while the firm’s Sue Carras and Chris Hew handled mortgage brokerage services.
