Meritage Properties and GoldenTree InSite Partners announced today that they have formed a partnership to acquire an office building in North Bethesda’s Rock Spring Park, one of the premier office parks in Southern Maryland. Financial details of the transaction were not disclosed. The seller was AEW on behalf of an institutional client.
The value of the transaction was not disclosed.
The building is located at 10401 Fernwood Road and contains 235,000 square feet of office space, two-thirds of which are leased to the National Institutes of Health.
Lincoln Property Co. will handle the property’s leasing and management. The property currently has a full floor with 57,000 square feet of contiguous office space available for lease, offering prospective tenants the unique opportunity to lease the entire floor, or to subdivide the space into units as small as 10,000 square feet.
Meritage/Oppenheimer Real Estate Value Partners I LP and Meritage/Oppenheimer Real Estate Value Partners II LP are real estate funds formed in 2004 and 2006, respectively, to conduct all investment activities on behalf of Meritage Properties.
GoldenTree InSite Partners is a New York City-based international real estate investment firm.
AEW Capital Management, LP provides real estate investment management services to investors worldwide.