A ‘Premier Class A’ office that was previously home to Choice Hotels headquarters prior to the company’s move to Pike & Rose earlier this year, is being auctioned off by Ten-X later this month with a starting bid of $6 million.
121 Rockville Pike is located in downtown Rockville’s Rockville Town Center and offers proximity to the Rockville Metro Station and I-270. It is professionally maintained and managed by the renowned Lincoln Property Company.
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.”
Per the auction website, “Boasting immense value-add potential through lease-up and gradual rent increases to a single tenant or multiple tenants. Offering state-of-the-art finishes, including high ceilings, glass-enclosed offices, stone accent walls, and floor-to-ceiling windows. Located within proximity to Rockville Metro Station, the MARC Rail Station, and national retailers, including Walgreens, Wendy’s, IHOP, and more.”
The 199,922SF building is just 11 years old, having been built in 2013, and sits on a 1.09 acre lot. 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. The full description, per the auction website, can be seen below:
Rockville Metro Plaza II is a premier Class A office building located in the heart of downtown Rockville, directly across from the Rockville Metro Station. This elegantly designed, LEED Platinum-certified building is ideal for single or multi-tenant occupancy, offering a high-profile location in the bustling Rockville Town Center area. According to the tax records, this property has a 190,907-square-foot building footprint plus 116,615 square feet below grade. According to a BOMA Rentable Area Compilation prepared by WDG Architecture, the property has a 199,922-square-foot Floor Rentable Area. The nine-story property features eight floors of available office space along with ground-level retail, including the fully leased ±8,000-square-foot Kabuto Hibachi and Sushi restaurant. Built in 2013, the building boasts state-of-the-art finishes, including high ceilings, glass-enclosed offices, stone accent walls, and floor-to-ceiling windows that create an open, modern aesthetic. The inviting lobby is equipped with polished stone floors, dark wood accent walls, a security desk, and five elevators. Included in the sale are on-site office furnishings, a multi-level internal staircase, and select luxurious executive offices and conference rooms with a private bathroom and remote-controlled window shades. The third floor offers an expansive outdoor patio that extends from the front of the building and wraps around the rear of the building, offering a serene outdoor space for work breaks or special events. A garage with ±270 parking spaces is part of the property offered for sale. The property features a green roof, and easy access to fire control, alarm, utility, and ventilation systems. PLEASE REFER TO INFORMATION MADE AVAILABLE THROUGH TEN-X FOR MORE DETAILS ABOUT THE PROPERTY, INCLUDING, WITHOUT LIMITATION, POTENTIAL SQUARE FOOTAGE, AND HANDLING OF PARKING AND OTHER OPERATIONS AND AMENITIES. The building is ideally located on Rockville Pike and adjacent to Rockville Town Square, which offers a variety of dining, retail, fitness and personal services, anchored by the highly desirable Fenestra Apartments and Palladian Condominiums. The Montgomery County Executive Office Building, Maryland District Court, and Montgomery County Circuit Court are just steps away, adding to the building’s appeal. The Rockville Town Center ranks among a top choice on Money Magazine’s “Best Places to Live”. Additionally, the property is directly across the street from the Rockville Metro Station (Red Line) and the MARC Rail Station, making it highly accessible. The property has received the following building awards • 2014 ABC Greener Tomorrow • 2014 WBC Craftsmanship Award – Category: Masonry – Interior Stone and Marble • 2014 Institute of Real Estate Manager Beam Award • 2014 Runner Up for the Washington Business Journal for Best Real Estate Deal in the New Office Development Category • 2013 Eagle Award in the Commercial – $25-100 Million category of ABC’s Excellence in Construction Awards • Best of 2013 Award in the Office/Mixed Use Category – Engineering News Record • 2013 Associated General Contractors of Metropolitan Washington Chapter – Contractor Award for Best New Construction under $150 Million • 2013 Washington Contractors Award – Bratti Stone • 2013 ABC National Award – Excellence in Construction For more information, please contact David Lowry, Director, Commercial Accelerated Sales, RealMarkets, a CENTURY 21 Commercial New Millennium team, 443-865-3941 and [email protected]. Property tours are by appointment only. Tours are available on 11/7 & 11/12, 11 am -1 pm. Please contact the broker to schedule your tour.