The Real Estate Industry team advised client Rockwood Capital, LLC, on the purchase of two office properties in the Washington, DC area.
On September 10, 2019, an affiliate of Rockwood purchased Arlington Plaza in a joint venture with American Real Estate Partners, an institutional fund manager and operating partner focused on office and mixed-use repositioning and development throughout the Greater Mid-Atlantic Region. Arlington Plaza is a Class A office building located at 2000 15th Street in Arlington, Virginia. The joint venture purchased the 195,128-square-foot office building from Carr Properties for $57.5 million. Goodwin assisted the joint venture in securing a mortgage loan of approximately $56 million from Santander Bank, National Association, to finance the acquisition of the property and certain post-closing capital expenditures and leasing costs.
On September 4, 2019, Rockwood also purchased the Clark Building in a joint venture with Stonebridge Associates, a real estate development and investment firm focused on the Greater Washington area. The Clark Building is a 300,000-square-foot office property located at 7500 Old Georgetown Road in Bethesda, Maryland. The joint venture purchased the building from Clark Enterprises.
Rockwood is a private real estate investment firm that has managed funds and separate accounts on behalf of over 130 institutional investors. Rockwood and its principals have invested on behalf of their clients in approximately $30.7 billion of real estate through commingled funds and separate accounts.
The Goodwin teams were led by Diana Brummer and included counsel Kerri Garipoli and associate Adam Kopald.
For more details on the Clark Building purchase, read the article in Bisnow.