Aerospace Building Brings in $13.4 M Financing Deal

GREENBELT, MD-Acquisition financing to the tune of $13.4 million has been put in place for The Aerospace Building, a 150,000-sf, class A office structure in Prince George's County. iCap Realty Advisors put the deal together on behalf of the property purchaser, an entity associated with The Bernstein Cos. UBS Warburg Real Estate Investments is providing the funds.

Located at 10210 Greenbelt Rd., The Aerospace Building occupies a 7-acre parcel within close proximity to NASA's Goddard Space Flight Center. The property, which recently underwent a major upgrade, features a nine-story tower that was developed over three decades ago in 1971.

The property last changed hands in 1998 in a $7.75 million transaction. County records list the property's 2003 assessed value at just over $9 million. Undoubtedly the fact that the building is 100% leased helped the seller attain a few thousand dollars over the assessed value. Tenants in the Aerospace Building include Science Systems and Applications Inc., Big Brothers Big Sisters of the National Capital Area Inc., and a host of NASA contractors.

Source: GlobeSt
Author: Barbra Murray