Montgomery College has bought a 115k SF, four-story office building from Piedmont Office Realty Trust to consolidate the college's central services.
With financing help from the Montgomery County government, the college bought the building for $12.7M and plans major renovations, with a total project costof $29.5M.
The building, located at 9221 Corporate Blvd in Rockville, will allow the college to consolidate services that were previously performed at three separate buildings. It will let the leases expire on two of those buildings and use the third college-owned building for academic space. MC expects to save $40M over 30 years and helps address its space deficit.
“By moving Central Services to the new building, more space will be immediately available for teaching and learning for the entire College," MC presiden DeRionne Pollard said in a release. "The long-term savings from the move, which will be realized over many years, will be invested in student success initiatives.”
The volunteer-run Montgomery College Foundation helped the college find a building to fit its needs and secure the deal.
“I appreciate the efforts of the college and its foundation to work with the county to produce this cost savings while providing re-allocated space to support student success,” County Executive Ike Leggett said in a release. “The county was honored to play a critical role in the financing of the project and help make this possible."
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