On August 11th, 2011 an affiliate of Meritage in partnership with Ivy Equities, acquired Shady Grove Plaza, a 183,000 SF office building in Rockville, MD. Shady Grove Plaza benefits from its location overlooking I-270 in North Rockville, a progressive and dynamic market known for its high concentration of contractors to the federal government and innovative biotechnology companies.
Shady Grove Plaza is a 4-story Class A office building with an attractive design featuring two convenient lobby entrances. The property offers a flexible floor plate that works well in both single and multi-tenant configurations. On-site building amenities include a fitness center and conference facility. Sitting at a major intersection just one exit away from the newly completed Inter-County Connector, Shady Grove Plaza is strategically located in what has become known as “DNA Alley.” Adding to over 8.6 million square feet of existing high quality office space within the I-270 submarket, The National Cancer Institute recently selected a site less than one mile from Shady Grove Plaza for the development of its new 500,000 SF headquarters. In addition, the recently constructed Shady Grove Hospital within two miles of Shady Grove Plaza further evidences the dynamic potential of this market.
At closing the property was only 82% leased despite a prior 10-year average occupancy of approximately 90.5%, offering a compelling value add opportunity through the lease up of currently vacant space. The repositioning plan includes several minor cosmetic upgrades including lobby, common area and bathroom upgrades and multiple operational enhancements.