
Rockville Metro Center is a 145,291 square foot, three-story, suburban office building with a three-story below ground parking garage. The property, which is situated on a 2.505 acre site, was built in 1972, remodeled in 1987 and last renovated in 1997. The property is occupied predominately by Montgomery County, a "AAA" S&P-rated tenant, with 97.5% of the space, including most of the first, and all of the second and third floors of the building. The remaining space is occupied by the Rockville Chamber of Commerce, Comcast and a deli.
The Rockville Metro Center is in Downtown Rockville, Maryland, on the southwest corner of Rockville Pike (MD Route 355) at East Middle Lane in the Rockville Town Center area of Montgomery County. Rockville is the county seat of Montgomery County and is approximately 20 miles north of Washington, DC. The immediate neighborhood encompasses the Rockville Metro stop (Red Line), which is connected to the subject via an enclosed skywalk over Rockville Pike, the City of Rockville Municipal Offices, and the Montgomery County Municipal Complex. The surrounding neighborhood of the subject is undergoing redevelopment through a $300 million joint effort between the City of Rockville and Federal Realty Investment Trust, a REIT which owns several of the existing retail sites in the neighborhood. The redevelopment plan is for a mix of retail, office condominiums, apartments, parking garages and restaurants nearly completed on the 15-acre area just north of the subject property.
Suburban Capital Markets, Inc. originated and underwrote the loan, which was subsequently sold for securitization. The fixed-rate non-recourse mortgage has a 10-year maturity, was priced over the 10-Year U.S. Treasury bond Index and is interest-only for the entire term of the loan.
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