9-30-16

2B — September 30 - October 13, 2016 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal

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O wners , D evelopers & M anagers 82,000 s/f at 4 Research Place in Rockville, MD WPC completes converting office building to self-storage

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ockville, MD — Washington Prop- erty Company (WPC) has completed converting an 82,000 s/f office building in Rockville to self-storage, short- ly after acquiring the adjacent office building in a joint venture with Baltimore-based Alex Brown Realty, Inc. for $17 million. The new storage facility is now open for business at 4 Research Place, and is being professionally managed by CubeSmart, one of the nation’s top four owners and operators of self-storage facilities. Vis- ible from I-270 and accessible from the Shady Grove Rd. exit, the four-story structure offers 715 climate-controlled storage units of varying sizes, open- ing to interior air-conditioned corridors. The top two floors have elevator access while the lower two levels are at grade, allowing customers who rent storage space on the lower floors to wheel items directly from the parking lot into their storage units. WPC acquired the building, originally built in 1968, in 2006. While putting the finish- ing touches on its first office- to-storage conversion, WPC teamed with Alex. Brown to acquire the office building next R

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4 Research Place

become obsolete, contributing to the growing vacancy rate in Montgomery County’s subur- ban office markets along with the decline in Federal leasing.” “One Research Court, on the other hand, was built in 2001 and has a strong existing ten- ant base as well as amenities such as an onsite fitness center and deli,” Eshelman continued. “We believe that our planned value-add improvements, along with a dearth of new supply, will increase this property’s appeal to small- and medium- sized businesses, including those in the life sciences.” WPC is now leasing and managing the building. n estimating-related experi- ence. He holds a Bachelor’s of Science in Construction Management and a Minor in Business Administra- tion from The Pennsylva- nia College of Technology. Ben-Nasr was previously employed with Lobar Con- struction as an Estimator. n Owners, Developers &Managers

door, One Research Court, for $17 million. This 113,620 s/f building, built in 2001, is 89% occupied by 14 tenants. The joint venture plans capital improvements including up- grades to the lobby, bathrooms, elevators, and gym, as well as creation of a conference center in the building. Explaining its disparate ap- proaches to neighboring office buildings in the I-270 corridor, WPC principal AndrewEshel- man said: “The difference be- tween the two buildings is sim- ply one of age and obsolescence. We converted 4 Research Place to self-storage use because it was built in 1968 and had estimator. In this role, Ben- Nasr will provide detailed takeoffs for projects being bid by the Estimating De- partment, as well as posting labor costs to these projects and soliciting subcontrac- tors for bids. Ben-Nasr brings over nine years of construction and In this role, Zucosky will be responsible for the growth and management of the Interior Architecture & Design Studio and oversee all interior design projects for the Princeton of- fice. Ware Malcomb Principal Michael Bennett is responsible for overall growth and manage- ment of the firm’s New Jersey and Miami offices. “Marlyn is well-respected within our industry and within the Princeton market, where she will continue to serve local clients,” said Bennett. n

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Ware Malcomb opens second office in Princeton, NewJersey

PRINCETON, NJ — Ware Malcomb announced that it is opening a second office in New Jersey located at 205 Rockingham Row in Princ- eton. The new office location will provide design services to clients in this dynamic market, and brings the total number of Ware Malcomb offices in the United States, Canada, Mexico and Panama to 21. The firm also announced that Marlyn Zucosky has joined the firm as Director of interior architecture & design.

a section of the Mid Atlantic Real Estate Journal Phone: 781-871-5298 Fax: 781-871-5299 www.marejournal.com S ection P ublisher Steve Kelley skelley@marejournal.com S ection E ditor Karen Vachon kjoy@marejournal.com

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