Acquisition of Maryland Trade Center I & II for $57,950,000

Cambridge Property Group Limited Partnership (“CPGLP”) successfully structured the acquisition of Maryland Trade
Center I & II in Greenbelt, Maryland. CPGLP represented the purchasers Sullyfield MTC LLC, MTC TIC LLC, and W&F MTC LLC which bought the property for $57,950,000 ($169.46 per sq. ft.) from WRIT Limited Partnership. Cambridge has been retained to provide Property Management, Construction and Leasing services to the property.

According to Andrew J Czekaj, manager of the Tenant-In-Common ownership entities, “The MTC acquisition was a “value-add” opportunity that presented itself at a perfect time in the market cycle. With the credit markets being rocked by some amount of turbulence we were able to acquire a well-placed project at well below replacement cost. The acquisition was guided by our desire to continue to participate in the broader DC metro market while taking profits in most of the surrounding sub-markets. The Maryland Trade Center deal will enable us to add value through further lease-up as well as re-positioning of the project.”

Maryland Trade Center I & II consists of two office towers of 16 and 12 stories respectively, totaling 341,965 square feet located at 7500 and 7474 Greenway Center Drive in Greenbelt , MD. At the time of acquisition the project was 83% leased to 58 tenants including: Bank of America, Lockheed Martin, OAO Technologies, Orbital Sciences Corporation and Konica Minolta. According to T. Michael Scott, Vice Chairman and President of Cambridge, “This is a classic Cambridge value-add acquisition. We are anchored by 5 major tenants with over 50 smaller “growth” clients. Our capital improvement program for the building parking lots, elevators and lobbies are already under way, and our leasing team is already closing deals.”

Randy Jaegle, Chief Operating Officer of Cambridge, stated “We are pleased to have been hired to manage, lease and provide construction services on behalf of the new ownership, which has great plans to improve the property through a capital improvement program as well as through enhanced customer service. We look forward to providing excellent service to and forging long lasting relationships with the existing clients as well as leasing and building out the
available space for new customers.”

Since 1983, Cambridge and its subsidiaries have successfully developed over 5.7 million square feet and structured the acquisition and/or disposition of in excess of 14.9 million square feet of commercial real estate as well as 380 acres
of land with a total value exceeding $4.9 billion. The addition of Maryland Trade Center I & II brings the total office, R&D and industrial space currently being administered by Cambridge to 3.3 million square feet.

Email Andrew J. Czekaj for further information.
Andrew.czekaj@cambridgeus.com