77 Upper Rock - 2023_Property for Sale
77 Upper Rock - 2023_Property for Sale
77 Upper Rock Cir, Rockville, MD, 20850-4021, US

77 Upper Rock - 2023

Asset Description

Address:77 Upper Rock Circle, Rockville, MD
Built / Renovated:2005 / 2020
Rentable Area:235,347 BRSF
% Leased:97.5%
# of Tenants:12
WALT:8.3 Years (as of 5/1/23)
Stories:8 Above-Grade Floors & 1 Below-Grade
Avg. Floor Plate:± 30,500 RSF
Parking:714 spaces (3.0 per 1,000 SF)


...

Attributes

Building area net
21,864 m²
Occupancy
98%
Year built
2005
Land area net
0.91 ha (9,065 m²)

Media

Investment Highlights

  • Best-in-class, trophy investment opportunity
  • 97.5% leased to 12 tenants with 8.3 years of WALT
  • Secure cashflow → 30.4% of RBA is backed by investment grade credit ratings
  • Proven flight to quality; over 134,000 RSF (58.1% of RBA) of new leases signed since the onset of the Pandemic
  • Only 12.2% of RBA is addressable from a leasing perspective prior to 2025 and 17.8% prior to 2030; minimal leasing required
  • 1 of 7 best-in-class, Suburban Maryland offices, whose occupancy rates are highly differentiated from the broader market, collectively boasting a 99.2% occupancy rate on 1.2 MSF of inventory
  • Convenient, mixed-use location with nearby walkable amenities
  • Trophy amenity package; conference center delivered in 2022
  • Located in the heart of Shady Grove → Maryland’s #1 life science cluster for lab and office tenants
  • Anchored by Tetracore, a 24 year-old biotech firm focused on diagnostics for infectious diseases & bioterrorism threat agents, and Cirrus through 2034; 61.5% of RBA is in the life science field
  • Upside potential via continued office to lab conversion


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77 Upper Rock - 2023 (0 Properties)

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Last updated
20 Oct 2023