Columbia Property Trust Sells Office Asset in Metro D.C. to SunCap for $48M

by John Nelson

GAITHERSBURG, MD. — Columbia Property Trust Inc. has sold an office property at 800 N. Frederick Ave. in Gaithersburg for $48 million. The buyer, SunCap Property Group, plans to redevelop the asset as a distribution center. The 40-acre property includes a 393,000-square-foot office building that formerly housed an IBM data center. Columbia Property Trust plans to use the proceeds from the transaction to reduce borrowings on its revolving credit facility.

You may also like