Equus announces $29.4m sale of three-office portfolio
GAITHERSBURG, MD — Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading private equity real estate fund managers, announced the sale by one of its affiliates of 25, 35, and 45 West Watkins Mill Rd., a three-building office/lab portfolio totaling 139,938 s/f in Gaithersburg, a submarket of Washington, DC. The properties were acquired by Tritower Financial Group for $29.4 million and were 95% leased at the time of sale.
“Equus’ ability to attract and retain triple net leases with high quality tenants, including AstraZeneca subsidiaries MedImmune and Amplimmune at the time of sale speaks volumes about the strength of this portfolio,” said Brian Fitzgerald, senior vice president of Equus who is responsible for the development, leasing and management of Equus’ Washington, DC portfolio and for overseeing the firm’s regional office in the market.
Equus was represented by Holliday Fenoglio Fowler, L.P. (“HFF”) in the sale. The HFF investment sales team representing Equus included senior managing directors Jim Meisel and Dek Potts, and associate director Matt Nicholson.
“Gaithersburg is a dynamic submarket known for its high concentration of innovative technology and bio-tech companies, making it an incredibly attractive location for life sciences companies,” added Chris Locatell, senior vice president of dispositions, who also oversaw the disposition for Equus.
Located just 17 miles northwest of Washington, DC, 25, 35, and 45 West Watkins Mill Rd. are located within Montgomery County’s highly-desirable I-270 corridor, a leading life sciences center widely known as “DNA Alley.” Ideally situated on 12.7 acres, the properties are within walking distance of the new Watkins Mill Town Center and offer easy access to area roadways including Routes 117 and 124, Rockville Pike, and the Intercounty Connector.
Equus Capital Partners, Ltd. (“Equus”) is one of the nation’s leading private equity fund managers. Equus’ portfolio consists of over 24 million s/f of office, retail, and industrial properties and more than 16,000 apartment units in over 60 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta, and Raleigh-Durham.