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Property View
Property View
Property View

Shady Grove Plaza · Rockville, MD


Contact

Meritage Properties
(914) 723-3533
Art DellaSalla
Asset Manager

Meritage Properties/LPC
Natalie McCullough
Property Manager
(301) 530-4250

McShea & Company, Inc.
Bob Dickman
Leasing Agent
(301) 417-1091

Features

  • Located at a key intersection on the I-270 Corridor in Montgomery County, one exit away from the new Inter-county Connector
  • Approximately 183,000 SF of highly efficient office space
  • An attractive building with a striking design featuring two lobbies and four separate lobby entrances
  • Flexible floor plates that work well in both single and multi-tenant configurations and an outstanding window line
  • Several of the first floor suites offer private entrances
  • On-site conferencing facilities, fitness center and abundant parking

Properties > Shady Grove Plaza

On August 11th, 2011 Meritage’s third investment fund, 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. 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 but has maintained a 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.