CP Group Announces Nearly 100,000 SF of Leasing Activity at CapRock in Bethesda, MD

New agreements at suburban office park include an 80K-SF renewal and medical users, a first for the three-building campus

CP Group, a prominent owner-operator of office properties throughout the Sunbelt, along with DRA Advisors, today announced that it has executed almost 100,000 square feet of leasing activity at CapRock — the three-building, 709,313-square-foot office campus in Bethesda, Md. This leasing momentum follows CP Group’s rebranding of CapRock and a $12+ million capital improvement program since acquiring the property in 2022.

The lease agreements include five new tenants and one lease renewal from an existing anchor tenant.

• The Biophysical Society, an international scientific nonprofit organization, signed a lease for 4,608 square feet, relocating from its current office in Rockville. Charlene Bogdanor and Brad Wilner of CBRE represented the tenant.
• Wells Aesthetics, a full-service aesthetic practice, signed a lease for 2,846 square feet, to be an offshoot of Cosmetic Surgery Associates on Rockledge Drive. Rashida Akhter and Scott Mendelson of KLNB represented the tenant.
• Washington Vein Clinic, a state-of-the-art clinic specializing in spider and varicose veins, signed a lease for 3,837 square feet, relocating Dr. Kamran Saraf from his current office on Fernwood Road. Deniz Yener and Claire Joyce of The Tenant Agency represented the tenant.
• The Law Firm of Alexander K. Anderson, LLC signed a lease for 3,196 square feet, relocating its office from Rockville. Mike Gillman of CBRE represented the tenant.
• Lawrence Noble Enterprises, also known as Passport Health — the largest provider of travel medicine services, with several travel clinic locations throughout the United States — signed a lease for 1,346 square feet, relocating from its nearby site on Old Georgetown Road. Nate Crowe and Katie Datin of Scheer Partners represented the tenant.
• HMSHost, now a part of global travel leader Avolta, renewed its lease for 81,026 square feet, retaining three full floors through 2037. As part of the lease extension agreement, Avolta will also reopen its on-site Starbucks, which has been closed since the pandemic and will be a welcomed amenity for other tenants and visitors. JLL represented the tenant.

Bernie McCarthy, Amanda Davis, Danny Sheridan, and Patrick Hall of JLL represented the landlord in all transactions.

“We are pleased with Avolta’s long-term commitment to CapRock and look forward to supporting its growth through 2037,” said Josh Edwards, Senior Vice President at CP Group. “Our ongoing building upgrades have been key in attracting tenants from a range of industries, including medical users — a primary focus for our growth and a first for the campus. We are in active negotiations on several other spaces, further justifying the demand in this submarket for employee-centric amenities and flexible, custom-built workspaces.”

CP Group rebranded the property to CapRock — formerly Democracy Center — in 2023 as part of its repositioning efforts, which include a multi-million-dollar renovation that transforms the lobby of the 6903 building into a two-story arrival experience, complete with a reimagined fitness center, second-floor tenant lounge with outdoor balcony, coffee bar, and meeting rooms, set to be finished by early 2025. The firm has already completed construction on a full floor of move-in-ready spec suites, also in the 6903 building, ranging from 2,300 to 5,500 square feet, which includes a shared amenity space complete with tenant lounge and break room, exclusively available to spec suite occupants on their dedicated floor.

Originally designed by Skidmore Owings & Merrill and developed by Boston Properties, CapRock consists of two nine-story buildings and one 15-story building. Current amenities include outdoor plazas; a café with outdoor seating; a fitness center; and on-site daycare. Positioned at I-495 (Capital Highway) and I-270 (Spur), CapRock is prominently visible from I-270. The property is just five miles from Downtown Bethesda, ten miles from Washington, D.C., and within a one-mile radius of over 30 dining options.

About CP Group

Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Sunbelt. Since 1986, CP Group has acquired and managed over 165 properties, totaling over 56 million square feet, valued at nearly $8 billion. It is currently Florida’s largest and Atlanta’s second-largest office landlord and ranks 25th largest in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Dallas, Jacksonville, Miami, and Washington D.C. To learn more about the company, visit CPGcre.com.

About DRA Advisors

DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees that specializes in real estate investment management services for institutional and private investors including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA’s inception in 1986, the firm has opened additional offices in Miami and San Francisco and has acquired approximately $40 billion of real estate. Its acquisitions include 97 million square feet of industrial, 86,000 multifamily units, 88 million square feet of retail, and 65 million square feet of office. As of June 30, 2024, DRA had $12.4 billion in gross assets under management. http://draadvisors.com

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