Meritage Sells Office Property in Booming DC Corridor

HFF announced it has brokered the sale of Meritage Properties’ Shady Grove Plaza, located in Rockville, Md., a highly desirable Washington DC suburban office market.

The four-story, 184,290-square-foot office building at 15245 Shady Grove Road is located in the Interstate 270 corridor of Montgomery County. The corridor is at the heart of Greater Washington’s “DNA Alley”, a progressive and dynamic market that is one of the largest life sciences and biotech clusters in the U.S., known for its high concentration of government contractors and innovative biotech companies.

Shady Grove Plaza has immediate access on/off the I-270 and is just a few minutes’ drive from retail and dining amenities, as well as the National Cancer Institute’s recently completed headquarters and Shady Grove Hospital. The building offers flexible floorplates and a design that allows for both single- and multi-tenant configurations. Meritage Properties has recently finished upgrading the property on-site amenities, which include a fitness center, conference facilities, a tenant lounge, grab-n-go bistro and café.

Though the sale price and buyer were not disclosed, HFF stated that the property is currently leased to 30 tenants, including Hillcrest Laboratories, Children’s Hospital and The Donaldson Group.

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