Stein Sperling Leases Office Space At 1101 Wootton Pkwy, Rockville, MD
1101 Wootton Pkwy, Rockville, MD, 20...
Building Size
42,206 SF
Asset Type
Office
Closing
Mar 19, 2019
AI
The Tower Building at 1101 Wootton Parkway in Rockville has secured a new tenant, law firm Stein Sperling Bennett de Jong Driscoll, with a lease for 42,206 square feet. The office building is a 12-story, 290,000-square-foot property that will see an increase in occupancy to 86 percent with this new agreement.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Applicable
- Tenant: Stein Sperling Bennett de Jong Driscoll
- Square Feet: 42,206
- Address: 1101 Wootton Pkwy, Rockville, MD
- Market: Rockville
- Tenant's Rep: Marc Balamaci(Klnb), Scott Mendelson(Edge Commercial)
- Landlord's Rep: Kevin McGloon(Cushman & Wakefield)
- Landlord: The Tower Cos
Marc Balamaci and Scott Mendelson of Edge Commercial Real Estate represented the tenant in this lease transaction. On the landlord's side, Kevin McGloon and Peter Rosan of Cushman & Wakefield facilitated the agreement with The Tower Cos. The law firm is expected to consolidate its operations and relocate over 130 employees to Rockville, bringing together personnel currently spread across multiple offices in the Mid-Atlantic region.
Players
Rockville Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93