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News release


National Institutes of Health-Leased Bethesda Property Draws $66.3M

JLL closes sale of Rock Spring Park office building

WASHINGTON, AUGUST 5, 2015 – Government-leased properties in suburban Washington, DC are proving to be a compelling asset for commercial real estate investment firms. JLL’s Capital Markets Government Solutions Group today announced the firm has closed the sale of The Atrium at Rock Spring Park, a premier office building located in Bethesda, MD. An affiliate of Meritage Properties LLC purchased the 237,000-square-foot, three-story property for $66.3 million.

"JLL’s Capital Markets Government Solutions group has completed numerous high-profile sales of government occupied assets across the country,” said Andy Nathan, Meritage Properties LLC. “They have a clear understanding of the GSA niche market and more specifically the National Institutes of Health (NIH) tenancy, and our asset’s importance to this user group, and thus were uniquely positioned to act exclusively on our behalf as sellers of the Atrium at Rock Spring."

Senior Managing Director Bill Prutting, Executive Vice Presidents Marc Rampulla and Jim Molloy, Senior Vice President Paul Spellman, Managing Director Joe Brennan and Vice President Brian Saal represented the seller in the sales transaction.

“The Atrium at Rock Spring Park represents one of the largest suburban off-Metro sales in Metropolitan Washington in 2015,” said Prutting. “The Atrium has long been anchored by NIH, which occupies over half of the building through 2024. Having a steady income stream from a federal agency will offer Meritage a solid long-term investment.”

“Savvy investors like Meritage are part of what we expect will be a significant movement in our market over the next few years, taking advantage of the premium returns for great suburban properties that have a demonstrated strength and stability, but simply do not offer walking distance to the Metro,” added Prutting.

Situated in the heart of Rock Spring Park at the intersection of I-495 and I-270, “The Atrium” offers tenants and visitors immediate access to downtown Washington and key locations within Montgomery County, as well as a growing base of high-end amenities and mixed-use developments. The property features a central atrium with skylights and two grand staircases. Additional amenities include a private courtyard, covered parking, renovated common areas and high ceilings. The building also benefits from redundant fibre feeds and triple redundant power feeds, on-site day care, food services and management, and a newly landscaped nearby park with water feature. The Atrium has undergone several energy-efficient renovations since original construction in 1969 and was awarded the Energy Star label six times in the past 12 years, most recently in 2014.

About JLL Capital Markets
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Meritage Properties LLC
Founded in 2003, Meritage Properties is a value-oriented owner operator of office properties primarily focused on the Boston to Washington, D.C. corridor. Meritage combines disciplined underwriting metrics, best-in-class operating principles, outstanding business reputation and ethics, and an unwavering commitment to excellence to create value by repositioning underperforming assets into market sector leaders. Since inception, Meritage has acquired interests in approximately 3.7 million square feet of office space.