As part of a plan to expand its portfolio in the Washington, D.C., suburbs, Columbia, Md.-based CorporateProperties Trust has acquired the $27.3 million 11800 Tech Road in North Silver Spring, Md. The 236,441 sq. ft. office building is occupied by tenants such as the General Services Administration — Department of Defense, Comcast Cable Communications Inc. and Kaiser Foundation Health Plan.
"We acquired 11800 Tech Road at a price well below replacement cost," said Randall Griffin, president and COO in a statement. "The building is leased to a number of excellent credit tenants with norollover until June 2005."
The acquisition is the company’s first in Montgomery County, one of the most affluent counties and strongest officein the nation. Corporate Office Properties Trust also owns several properties in the adjacent Baltimore/Washington Corridor and Northern Virginia markets.