CP Group, DRA Advisory Buy the Democracy Center Office Complex in Bethesda
Boca Raton, FL-based CP Group has acquired Democracy Center — a three-building, 709,313-square-foot office campus in Bethesda, MA – in a joint venture with DRA Advisors. The acquisition marks CP Group’s first in the greater Washington, DC market since it opened a regional office there last year and its third joint venture with DRA in the past year.
Democracy Center consists of two nine-story buildings and one 15-story building with a Starbucks, outdoor plazas, cafeteria, fitness center; sports court; and on-site daycare.
CP Group plans to implement $12-million capital program and will prioritize sustainability and health and wellness initiatives with a focus on energy and water efficiency, waste, recycling, and tenant health and wellbeing.
CP Group’s acquisition of the Democracy Center marks its fifth overall acquisition in 2022, totaling over three million square feet and over $820 million in equity invested, including Miami Tower in Miami, FL; Las Olas Square in Fort Lauderdale, FL; and Bank of America Plaza and Buckhead Center in Atlanta, GA.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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