Bethesda-based The Premier Cos. recently acquired the Montgomery Executive Center property from PMRG for $8.2 million, according to BisNow (per Maryland land records). This transaction equates to $66 per square foot. PMRG owned the six-story Montgomery County property, which was constructed in 1983, for over a decade. The company originally purchased it for $12.4 million in 2013, making this month’s sale 33.8% lower than the previous purchase price.
The Montgomery Executive Center is a freestanding, six-story, 120,246 SF office building located at 6 Montgomery Village Avenue in Gaithersburg, MD. The building has frontage on the corner of Montgomery Village Avenue and Russell Avenue and the property includes 440 surface parking spaces. BisNow reports that the building was advertised earlier this year as being 69% leased to 29 tenants, with over 39,000 square feet of leasing activity in the past 15 months. A JLL marketing brochure, now listing The Premier Cos. as the property owner, indicates that 40,000 square feet are available for lease, with a first-year rental rate of $18 per square foot.
The office building is located just west of the now-closed Lakeforest Mall, where WRS has plans to develop 1,600 residential units, 750,000 square feet of employment space, 250,000 square feet of large-format retail, and 220,000 square feet of commercial space. Current tenants of the building include Adventist Healthcare, CitiBank, Firehouse Deli, Maryland Eye Institute, Re/Max Realty Group, and State Farm among others.