Ivy Realty Acquires MD Office for $33M

Ivy Realty has acquired the 163,194-square-foot Twinbrook Office Center in Rockville, MD for $33 million. The new owner, headquartered in Greenwich, CT, plans cosmetic renovations to the property at 1700 Rockville Pike.

The building is currently 71% leased to national tenants including Merck, Novartis Pharmaceuticals and Bayer Pharmaceuticals, with an average remaining lease term of over four years. Gerry Trainor represented seller in the transaction. According to property records, the seller was CW Capital Asset Management LLC, which is based in Bethesda, MD.

“The Twinbrook area is being transformed into an amenity-rich neighborhood anchored by the Twinbrook Metro Station,” Trainor said. “This was a compelling opportunity for Ivy Realty to be a part of that revitalization and shape the future of the area.”