Montgomery County Office Portfolio Sells For $149M
DSC Partners, an investment firm formed in 2017 by former First Potomac executives, has just acquired 28 office buildings in the D.C. suburbs.
The firm announced Wednesday it bought three Montgomery County office parks totaling 1.3M SF for $149M. The 28-building office portfolio consists of the MetroPark North campus in Rockville and the WestTech and Meadows business parks in Silver Spring.
The properties, previously owned by PS Business Parks, include single-story and multistory office and flex buildings.
MedStar Health, Children's Hospital, Intelligent Automation, Netcom Technologies and the U.S. government are all tenants, spread out among the portfolio. DSC retained Transwestern to provide property management for the portfolio and leasing for the Rockville buildings, while Edge Commercial will lease the Silver Spring buildings.
"The suburban Washington real estate market has been strengthening significantly recently and these properties are in areas that are being bolstered by the rapidly growing biotech and medical sectors," DSC Partners co-founder Doug Donatelli said.
The former CEO of First Potomac Realty Trust, Donatelli co-founded DSC in 2017 with Nicholas Smith, also a former First Potomac executive. In two years, the firm has amassed a portfolio of 45 buildings totaling 3.4M SF across D.C., Maryland and Virginia.