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Washington Property Company Closes $35.5 Million Loan For 8757 Georgia Avenue in Silver Spring, MD
WPC Leases Over 18,000 SF in MD and VA
(Silver Spring, MD, February 18, 2014)— Bethesda, MD-based Washington Property Company (WPC) has closed $35.5 million in permanent financing for its 242,000 SF office building at 8757 Georgia Avenue in the heart of Silver Spring, MD. US Bank provided the loan. Walker & Dunlop represented WPC in the transaction.
Originally built in the 1970s, 8757 Georgia Avenue was acquired WPC in 2001 following completion of a $20 million renovation. Current tenants include Social & Scientific Systems, Inc., Corinthian Colleges, and Synergy Enterprises.
The building is located just a short walk from the Silver Spring Metro and transit center on Metro’s Red Line, as well as Discovery Communications’ headquarters and all of downtown Silver Spring’s shopping, dining, and cultural venues.
WPC is a leader in the ongoing revitalization of downtown Silver Spring. Last year, WPC delivered the 17-story 295-unit luxury apartment building Solaire-Metro, located just steps from the Silver Spring Metro station, and is planning a second tower with approximately 380 apartments. Nearby, WPC will redevelop the Shepherd’s Table/Progress Place facility, providing an expanded facility offering services to low-income and homeless individuals and families. In addition, WPC is planning development of three contiguous land parcels along Georgia Avenue, acquired in 2013 from Bethel World Outreach Ministries International.
During the last half of 2014, WPC leased 18,186 SF of office, retail, and medical space in its Maryland and Virginia properties:
8757 Georgia Ave, Silver Spring, MD – 3,226 SF
- National Council for the Traditional Arts leased 3,226 SF. Tom Long of Donohoe Real Estate Services represented the tenant. Tim Jaeger and Todd Bosley of CBRE and Joshua Gurland of WPC represented the owner.
6900 Wisconsin Avenue, Bethesda, MD – 1,336 SF
- Howard Insurance expanded by leasing 1,336 SF. Joshua Gurland of WPC represented the owner.
Bethesda Corner, 4719 Hampden Lane, Bethesda, MD – 2,424 SF
- KBR Kitchen & Bath leased 1,294 SF. Joshua Gurland of WPC and Matt Skalet of KLNB Retail represented the owner.
- EmbroidMe leased 1,130 SF. Marathon Property Solutions represented the tenant. Joshua Gurland of WPC and Steve Combs of KLNB represented the owner.
Patriot Business Park, 7850 Walker Drive, Greenbelt, MD – 4,691 SF
- Atlas & Spine Center of Greater Washington leased 1,885 SF. Rob Freedman of Colliers represented the tenant. Joshua Gurland of WPC represented the owner.
- National Volunteer Fire Council leased 2,806 SF. John Olson of Lincoln Property Company represented the tenant. Ken Fellows of Edge Commercial Real Estate and Derek Hendon of WPC represented the owner.
Huntwood Plaza, 5845 Richmond Highway, Alexandria, VA – 4,317 SF
- PAC Outsourcing, LLC leased 4,317 SF. Carrie Shearer of Land & Commercial represented the tenant. Cory Hoffman of Edge Commercial Real Estate teamed with Derek Hendon of WPC to represent the owner.
8618 Westwood Center Drive, Vienna, VA – 2,192 SF
- Third I, Inc. leased 2,192 SF. Scott Rabin of Edge Commercial Real Estate and Derek Hendon of WPC represented the owner.
Washington Property Company (www.washproperty.com) is a full-service commercial real estate company located in Bethesda, Maryland. Established by Charles K. Nulsen, III, WPC is involved in a full range of real estate investment services including acquisition, land use, development, property management, leasing, and construction management. WPC has developed more than eight million square feet of commercial space in the Washington, DC metropolitan area and currently has over 1.6 million residential square feet under development. WPC is actively pursuing office, multi-family, retail, and mixed-use development opportunities throughout the region. Through its management company, WPC Management, LLC, Washington Property Company manages over 1.8 million square feet of commercial space.