The Humane Society Sells 68K-SF Office Building in Gaithersburg, Md.
By Keith Loria May 3, 2023 3:24 pm
reprints
WorldShine Group, a senior care management company, has acquired The Humane Society of the United States’ 67,808-square-foot office building in Gaithersburg, Md.
A person close to the deal revealed that the building sold for approximately $20 million.
The 8.9-acre site at 700 Professional Drive was the nonprofit’s former operations center. The Humane Society acquired it for $5.7 million in 1991.
Savills represented the seller in the deal.
“Interest in the property came from multiple buyer profiles, including investors and developers,” Parker Lange, senior managing director at Savills, told Commercial Observer. “Specifically, life science investors looking to reuse the existing building, and mixed-use developers looking to redevelop the property into a combination of commercial, life-science and residential.”
There was interest from both local and national investors and developers, as well as occupiers looking to use the building for their own purposes, which included the ultimate buyer.
“While most prospects were attracted to the site due to the location within the life sciences corridor, the ultimate buyer was more interested in the residents in the Gaithersburg area,” Lange said.
Lange led the transaction alongside Savills’ Vernon Knarr, Art Greenberg, Gary Stein and Jon Glass. It was not immediately clear who represented the buyer.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
