On November 13, 2006, an affiliate of Meritage in joint venture with Goldentree InSite Partners acquired “The Atrium at Rock Spring Park,” a 235,417 SF office building located at 10401 Fernwood Road in North Bethesda, Maryland. “The Atrium” is situated in the heart of Rock Spring Park and at the intersection of I-495, I-270, and Democracy Boulevard, a compelling location for tenants seeking easy access to and from downtown Washington.
Meritage acquired this asset to take advantage of one of the strongest sub-markets in suburban Washington. Meritage completed the renovation of the 57,000 square feet of first floor vacancy with the modernization of the common corridor and installation of a new window line on the east side of the space. Building amenities included a private courtyard, high ceilings, raised floors, covered parking and a high quality food concession. 10401 Fernwood benefits from the extensive amenities contained within Rock Spring Park, including a newly landscaped park and water feature in our “front yard.” Since acquisition of this property Meritage has increased occupancy from 66% to 100% and completed long term renewals with the government for over 75% of the building.