Federal Capital Partners® (FCP) today announced the acquisition for $61.25 million of One Preserve Parkway, a seven-story, 183,667 square foot trophy office tower in the Preserve at Tower Oaks development of Rockville, MD. Originally developed in 2008, the HOKdesigned building is 92% leased to eight tenants, with leading government contractor, Booz Allen Hamilton, occupying 117,674 square feet through 2019.
”One Preserve Parkway is a very high quality asset with credit-worthy tenants,” said FCP Senior Associate, Erik Weinberg. “We believe this is a market that is protected from over-development of competing product and the building itself is very well-located to I-270 and major employers in Montgomery County.”
The Preserve at Tower Oaks is an 84-acre, luxury master-planned mixed-use development. One Preserve Parkway is located centrally within the development directly across the street from Clyde’s Tower Oaks Lodge and adjacent to Woodmont Country Club. The Preserve is less than 10 minutes from some of Washington’s most affluent residential neighborhoods, home to many of the area’s top business executives.
FCP is actively seeking additional high quality, income producing investments with limited near term lease rollover.
FCP extends its appreciation to Bill Collins and James Cassidy of Cassidy Turley, who represented the seller in the transaction.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners. The firm, based in Chevy Chase, MD, manages $769 million of discretionary capital. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com