The Washington, DC office of Hines, the international real estate firm, announced today that it has acquired the Station Square office complex on behalf of National Office Partners Limited Partnership (NOP), its investment partnership with the California Public Employees' Retirement System (CalPERS), from Moore & Associates, Inc. The terms of the sale were not disclosed. The three-building, 490,000-square-foot, Class A office complex is located in the metropolitan Washington submarket of Silver Spring, Maryland.
Station Square was designed by Ward/Hall Associates AIA PLC. The 10, 12 and 14-story buildings are located in the heart of downtown Silver Spring, one block from the Silver Spring Metrorail station, Maryland Commuter Rail (MARC) station, Metrobus and the local Ride-on bus transfer station. Directly across the street is the new 600,000-square-foot headquarters for Discovery Communication and a new 500,000-square-foot town center which features restaurants, a host of national retail tenants, cultural attractions and a Marriott hotel.
Station Square is 99% leased to a strong mix of regional and national tenants including: Howard University; the GSA; TV One; and Pike & Fischer. "Hines is pleased to make this investment in one of the area's fastest growing commercial centers," said Hines Vice President John Harned. "The critical mass of office tenants, retail and cultural amenities, and housing supported by a major regional transit center make Station Square and Silver Spring an excellent long-term investment for Hines and CalPERS."