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1101 Wootton Pkwy, Rockvill...

Stein Sperling Leases Office Space At 1101 Wootton Pkwy, Rockville, MD
LEASEDOffice

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:

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

Kevin McGloon

Cushman & Wakefield

Broker

2 deals

Broker

Rockville Office Market Snapshot

Boundary boundary · Office · Lease transactions

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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