WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it arranged the sale of 1375 Piccard Drive and has been selected to provide leasing and property management services for the new owner, Brookfield Property Group, a part of Brookfield Asset Management. The approximate 110,000 square foot, 3-story building, located in Rockville, MD, sold for an undisclosed amount. Cassidy Turley’s Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy represented the seller. Paul “Rocky” Kern, Senior Vice President, will lead the leasing efforts, and Deborah Marshall, Vice President, will oversee the property management. The new owner has rebranded the building as “Monarch” and has several planned renovations including a complete lobby renovation and a mechanical systems upgrade.
“This transaction and assignment demonstrates Cassidy Turley’s ability to provide a full spectrum of integrated commercial real estate services to our clients,” commented Joe Stettinius, President of Cassidy Turley. “We look forward to helping Brookfield maximize their return on this investment with our best-in-class leasing and property management services,” he continued.
Monarch is located in the I-270/North Rockville submarket and currently has 77,000 square feet available.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,500 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals across the globe. Please visit www.cassidyturley.com for more information about Cassidy Turley.
About Brookfield Asset Management
Brookfield Asset Management is a global alternative asset manager with approximately $150 billion in assets under management. We have over a 100 year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. We offer our clients a range of public and private investment products and services with a goal of delivering superior risk-adjusted returns. Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on the NYSE Euronext under the symbol BAMA. For more information, please visit our website at www.brookfield.com.