Washington, D.C. – August 16, 2018 – Normandy Real Estate Partners and Taconic Capital Advisors have closed on the acquisition of Gateway Tower, a 250,000 square foot, nine-story mixed-use building located at 401 N Washington Street in Rockville, MD.
“Gateway Tower’s location provides tenants with a true live-work-play environment given its adjacency to Rockville Town Square and fantastic connectivity given the short walking distance to Rockville Metro, MARC, and Amtrak. We look forward to further enhancing the tenant experience by making base building improvements including building-specific amenities,” said Patrick Keeley, Principal, Normandy Real Estate Partners.
Gateway Tower is a highly visible asset within the Rockville submarket given its nine-story height and location at the intersection of N. Washington Street and Route 355 (Rockville Pike / Hungerford Drive). The multi-tenant office building is connected to a retail plaza and was constructed in 1971 with a gut renovation in 2002. The property sits on 3.85 acres of land along North Washington Street and is easily accessible via major area arterials including Rockville Pike/Hungerford Drive and I-270. The office building floor plates are approximately 23,900 rentable square feet, providing an efficient layout with plentiful light and air. Gateway Tower is anchored by the Emmes Corporation, a leading contract research organization which currently occupies 113,132 square feet across several floors.
Peter Rosan and Katie Gormley of Cushman & Wakefield are the leasing brokers for the property.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with a total of 120 employees with broad real estate experience in areas such as acquisitions, investment management, leasing, property management, construction/development and accounting. Our focus is primarily on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where we own and operate one of the largest private real estate portfolios in the region totaling over 14 million square feet and a development pipeline of four million square feet. Our deep local relationships, vertically-integrated capabilities, and diversely-experienced team give us a distinct advantage, which enables us to consistently turn under-achieving real estate into exceptional high-yielding investments.
Normandy’s management platform is focused on two complementary investment strategies: i) value-add: a series of closed-end, fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors; and ii) core-plus: a series of separately-managed accounts for domestic and foreign institutional investors. Normandy currently manages approximately $1.5 billion of equity capital, representing total asset value of $3.3 billion. For more information visit www.normandyrealty.com.
About Taconic Capital Advisors
Taconic Capital Advisors L.P. is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. Taconic pursues an event-driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns with an emphasis on capital preservation. The firm has offices in New York, London and Hong Kong with over 38 investment professionals, including 9 investing principals who average 14 years of investment experience at Taconic and 76 business function professionals across legal/compliance, finance, operations, technology, and investor relations.
Taconic’s commercial real estate business is managed by James Jordan and Jon Jachman and focuses on sourcing value-add opportunities through non-traditional, off-market processes. Leveraging its diverse network of relationships with CMBS special servicers, lenders and local operating partners, Taconic seeks to generate attractive risk-adjusted returns through the strategic repositioning and re-introduction of well-located real estate assets.
For more information about Taconic Capital Advisors L.P., visit www.taconiccap.com.