August 31, 2018
Transwestern’s Mid-Atlantic Capital Markets Group, including Gerry Trainor, Mark Glagola, Jim Cardellicchio, and Tina Wakely, was retained to sell 6701 Rockledge Drive in Bethesda, Maryland. The 247,414-square-foot Class A office building was fully leased by the General Services Administration (GSA) and occupied by the U.S. National Institutes of Health (NIH). Shortly before ownership decided to sell, GSA had agreed to a 15-year lease renewal for the building, with a caveat: The building needed a major renovation, as GSA/NIH had fully occupied the building since 1995. New ownership would be required to agree to a $45 million tenant improvement (TI) project before purchasing the property.