Real Estate
Home›Real Estate›Industry›Brookfield sells Silver Spring Metro Plaza office comp…
Brookfield sells Silver Spring Metro Plaza office complex for $35M
The roughly 730K SF property closed July 9, and Symetra provided $22M in new financing to the buyers.
Brookfield has sold Silver Spring Metro Plaza, a roughly 730,000 SF office complex across from the Silver Spring Metro station, for $35M, according to Maryland property records cited by Bisnow.
The transaction involved three 1980s-era office properties at 8401, 8403, and 8405 Colesville Road totaling more than 700K SF. New York-based Ascendra Capital and New Jersey-based Blue Management Services acquired the asset for less than $50 per SF, in what Ascendra described as a lender-controlled sale.
Bisnow reports that Silver Spring Metro Plaza is marketed with 275K SF available across the campus. The ground floor includes Silver Branch Brewing Co.'s Lagerhaus and Biergarten, and the office towers are connected through skybridges.
The sale closed on July 9, deed records show. The buyers also received a $22M loan from Symetra Life Insurance Co., after Brookfield acquired the property in 2006 via a Trizec Properties deal and later recorded a $110M refinancing in 2020 with Helaba.
Latest closeSilver $64.83 ▼0.1%