Normandy Scoops Up Rockville's Gateway Tower After Foreclosure Sale
Normandy Real Estate has just acquired its second D.C.-area office building this year that recently went through a foreclosure.
The investment firm, in partnership with Taconic Capital Advisors, announced Thursday it acquired Rockville's Gateway Tower, a nine-story office building at 401 North Washington St., for an undisclosed price.
The building was sold at a foreclosure sale last year for $30M, property records show. Its previous owner, an LLC registered to Rockvile-based The Williamson Group, took out a $56M loan on the building with Morgan Stanley in 2006, records show. The lender appointed substitute trustees in February 2017 and conducted a foreclosure sale in May 2017, with the sale closing two months later.
Normandy made a similar acquisition in June when it closed on the purchase of 950 L'Enfant Plaza, a 280K SF D.C. office building that previously went into foreclosure.
Gateway Tower, a 250K SF office building, sits just north of Rockville Town Square and about a half-mile from the Rockville Metro station. It is anchored by The Emmes Corp., which occupies 113K SF. The building was built in 1971 and renovated in 2002. Normandy plans to launch a new renovation of the property. Cushman & Wakefield's Peter Rosan and Katie Gormley are leasing the building on behalf of the new owner.
"Gateway Tower's location provides tenants with a true live-work-play environment given its adjacency to Rockville Town Square and fantastic connectivity given the short walking distance to Rockville Metro, MARC and Amtrak," Normandy principal Patrick Keeley said in a release. "We look forward to further enhancing the tenant experience by making base building improvements including building-specific amenities."
