Marcus Partners Lands $37M Refi for MD Office Campus
The company recently completed a renovation of the two buildings following their purchase in 2015. The Class A properties have more than 250,000 square feet between them.
By Holly Dutton
Park Plaza I and Park Plaza II
HFF worked on behalf of Marcus Partners to arrange a $36.5 million refinancing for two Class A office buildings in Rockville, Md. Park Plaza I and Park Plaza II are located at 2099 and 2101 Gaither Road and total 264,000 square feet. HFF secured the floating-rate loan through EagleBank.
Marcus Partners first purchased the properties in 2015. As part of the Park Plaza I acquisition, Marcus Partners also acquired the ground lease, which had previously encumbered Park Plaza II. The buildings are managed by Carr Properties and Cushman & Wakefield handles leasing.
Park Plaza I was built in 1991 and Park Plaza II was built in 2001. Both properties offer direct access to Interstate 270, Interstate 370 and Route 355. The assets were recently renovated to include a high-end café, a fitness facility, a yoga studio, a conference center, new courtyard space, improved building systems and renovated lobbies.
An HFF debt placement team including Senior Director Daniel McIntyre and Director Jay Graham represented the borrower.
“The lending market was attracted to the quality of sponsorship, and being a part of the sponsors’ continued execution of a successful business plan,” McIntyre told Commercial Property Executive.
In August, Marcus Partners acquired the Jefferson Building, an eight-story boutique office property in the Golden Triangle neighborhood of Washington, D.C., for $26.4 million from Invesco Real Estate.
Image courtesy of HFF
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