Last month we let you know that the office building at 121 Rockville Pike was being auctioned off by Ten-X later this month with a starting bid of $6 million. The building was previously home to Choice Hotels headquarters prior to the company’s move to Pike & Rose earlier this year, and the winning bid came in at $10.75 million ($10.965 million with transactions fees), according to Maryland Newsletters.
The 199,922SF building is just 11 years old, having been built in 2013, and sits on a 1.09 acre lot. It has an assessed value of $26.8 million and the nine-story property features eight floors of available office space along with ground-level retail, including the fully leased ~8,000SF restaurant Kabuto Hibachi and Sushi.
According to Maryland Newsletters, “The buyer is Ather Chaudhry, a Gambrills-based investor. Marketing materials provided for the auction say that final sale is conditional on approval of the Circuit Court.” Maryland Newsletters states that Chaudhry says. “Leasing the building will take some time, but we have some good leads toward leasing prospects.”
According to Biz Journals, “Montgomery County Circuit Court Judge Karla Smith in March appointed Stephen Karbelk, president of RealMarkets, the property’s receiver, F.P. Rockville II having defaulted on a $56 million loan issued a decade earlier by Midland National Life Insurance Co., according to court records. The Foulger-Pratt affiliate owed $48.55 million on the loan as of January, per court filings.”