Easterly Pays $37M For College Park Office Building
A building leased by the federal government in College Park's Discovery District has traded hands.
D.C.-based Easterly Government Properties bought the office building at 4300 River Road earlier this month from Los Angeles-based Saban Capital Acquisition Corp. for $37M, property records show.
The 80K SF office building was constructed in 2004, according to Reonomy's platform, and is fully leased to the Food and Drug Administration through 2029. Easterly bought it as the final piece of a $430M, 14-property portfolio acquisition it announced last year.
The building sits less than a half-mile from the College Park Metro station and is along the future route of the Purple Line light rail system. It is part of College Park's Discovery District, an area the city and university are looking to revitalize with over $2B of planned public and private investment.
The Discovery District last month welcomed WeWork, the inaugural college campus location for the coworking company and the first in Maryland. The area is also home to a Capital One tech incubator, the $180M Hotel at UMD, and it has a host of additional new development in the pipeline.