JLL Secures $38.5M Acquisition Financing for Office Property in Rockville, Maryland
ROCKVILLE, MD. — JLL Capital Markets has secured $38.5 million in acquisition financing for District IV, a 240,000-square-foot office building in Rockville. Michael Gigliotti, Robert Tonnessen and Brian Buglione of JLL secured the financing on behalf of the borrower, BLT Green Hollow, a partnership between Building and Land Technology and Green Hollow Capital Partners, along with Banyon Street Capital. New York City-based Ladder Capital provided the financing.
Built in 2007, District IV is part of the recently rebranded District at King Farm, which includes four properties totaling over 750,000 square feet of office and retail space. Current tenants include cell therapy company Autolus, Sucampo Pharmaceuticals and MUFG Investor Services.
The District at King Farm is situated along King Farm Boulevard within the 430-acre, master-planned King Farm Park located near the Shady Grove Metro station and the Interstate 270 technology corridor. Located at 805 King Farm Blvd., District IV is situated 19.1 miles from Washington, D.C. and 19.5 miles from the University of Maryland. The project is also near retail centers such as Shady Grove Center, Rio at Washingtonian and Downtown Crown.
The partnership’s plans include comprehensive lobby improvements and upgrades to amenities and foodservice offerings. The partnership also plans to make extensive renovations across District at King Farm, which will include additional interior and exterior amenities, building and lobby upgrades and enhanced programming.