September 12, 2019
WASHINGTON, D.C. – Transwestern Commercial Services (TCS) today announces The Bernstein Companies has named it the exclusive sales agent for Parkview, a 103,935-square-foot office building at 1300 Spring St. in the Silver Spring submarket. Parkview offers investors the opportunity to acquire a high-quality asset in a Class A location for well below replacement cost with the ability to add value through increased rental rates as tenant leases expire.
Parkview is currently 92% leased and has enjoyed strong historical occupancy. The diverse tenant base, including both medical and credit tenants, exemplifies the building’s flexibility and provides a well-rounded source of income. Silver Spring is an exceptionally strong market with a steady decline in vacancy rates since 2010.
Situated at the corner of Spring Street and Georgia Avenue, Parkview features numerous nearby retailers, arts, entertainment and restaurant amenities and is just minutes from downtown Silver Spring and Bethesda. The building is within walking distance of the Silver Spring Metro, which is served by Metrorail, Metrobus and MARC Trains. Parkview’s current owner has completed a comprehensive renovation program totaling nearly $2.8 million, including upgrades to the lobby, roof, elevators, restrooms and parking garage.
Transwestern’s Mid-Atlantic Capital Markets Group includes Gerry Trainor, Jim Cardellicchio, and Mark Glagola. The team focuses on investment sales services throughout the Washington, D.C., region, providing clients with exceptional service and market knowledge. During the past 24 months, the group’s transactions have exceeded $1.7 billion in aggregate value. The team’s success is a direct result of detailed underwriting and keen understanding of the local, national and international investment communities.
About THE BERNSTEIN COMPANIES
The Bernstein Companies (thebernsteincompanies.com) is a privately-owned, fully integrated, and diversified real estate firm founded in 1933. Three generations of the Bernstein family have owned, developed, managed or financed over 3,000 apartment and condominium units, 2,000 hotel rooms, and 5,000,000 square feet of commercial office space. Today, The Bernstein Companies is focused on strategic acquisitions, ground up developments, and investments, as well as the management of its hotel and commercial properties.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.