Utah Firm Buys Suburban Maryland Office Complex For $107M
Bridge Investment Group closed out 2018 by acquiring its fourth suburban D.C. property of the year.
The Salt Lake City-based investor last week announced it bought the Station Square office complex in Silver Spring. The seller, a joint venture of Brandywine and Allstate, was represented by Cushman & Wakefield's D.C. capital markets team, and the property traded for $107M.
The 510K SF Class-A office complex at 1010 Wayne Ave. sits two blocks from the Silver Spring Metro station. Built between 1982 and 1987, the complex is currently 80% occupied.
Station Square has undergone $2M in capital improvements since 2016, but Bridge said it is planning a more significant renovation. The new owner plans to invest $12M to modernize the lobbies, enhance the exteriors, improve the mechanical systems and design a new entrance and courtyard.
"Station Square is well positioned to capitalize on growing demand for future-ready workspace that offers walkability, a sense of community and urban-style amenities within a few steps of the Metro," Bridge Acquisitions Director Tommy Spinosa said in a release. "Our planned improvements will create a world-class work environment that helps our tenants flourish and achieve the bottom-line results they seek."
The deal marked Bridge's fourth D.C.-area acquisition in 2018. The investor bought a three-building Reston office complex in September, acquired a Silver Spring multifamily community in August and a two-building Bethesda office property in April.
