Peterson Companies has acquired a five-story office building at Rio in Gaithersburg for $11,075,000, according to Hyatt Commercial.
The sale of the 103,360 SF Class A office building at 9841 Washingtonian Blvd. was finalized on Aug. 25. The purchase price works out to approximately $107 per square foot.
Hyatt Commercial brought the property to market on May 18, attracting interest from a range of prospective buyers before Peterson Companies emerged from a competitive bidding process. The transaction closed less than 100 days after the property was listed.“This process generated strong interest and competitive bidding, ultimately closing in less than 100 days from the property hitting the market,” said Cecil Cummins, executive vice president at Hyatt Commercial.
The lakefront building is located within Rio, Peterson Companies’ open-air mixed-use development featuring restaurants, shops, entertainment, fitness businesses, greenspace and walking trails. “We’re seeing that businesses are making thoughtful decisions about where and how their employees work, and the environment around the office is increasingly part of that decision,” said Kimli Cross, senior vice president of leasing for Peterson Companies. “We believe the most successful office environments are those that are integrated into a broader destination.”
The acquisition expands Peterson Companies’ regional portfolio to more than 4 million square feet of Class A office space. Its other office properties are located throughout the Washington, D.C. region, including National Harbor and Fairfax Corner.
Hyatt Commercial’s Investment Sales Team of Cecil Cummins, Eric Pinkett and Owen Wellschlager represented the seller, TBC-Washingtonian LLC. Peterson Companies acquired the building through affiliated entities.
