MATAN ACQUIRES ROCKVILLE CORPORATE CENTER FOR $54.2 MILLION
Matan Companies returns to Rockville with the purchase ofCorporate Offices Property Trust's (COPT) Rockville Corporate Center for $54.2 million, or roughly $252 per square foot. The two exisiting 220,000 square foot office buildings are fully occupied and on long term leases to AARP and Montgomery County Public Schools.
The site also has additional development opportunities for two buildings totaling another 220,000 square feet. Matan anticipates the approval of even greater density for the site. The acqusition marks the return of the Matan Companies to the Rockville market after sellling a four building office campus at 30 West Gude to WRIT and a three building complex at Metro Park North to First Potomac in 2006.