EDGE Experience Diligence Guidance Execution

The Fairview Building – Gaithersburg, Maryland

The Fairview Building – Gaithersburg, Maryland

The Fairview Building – Gaithersburg, Maryland
This property was acquired in 2006 through a joint venture with the Ronald D. Paul Companies. At the time of the acquisition, the top floor of the building was in “shell” condition, while the remainder of the building was substantially leased to small to medium-sized tenants.

The acquisition strategy was to address substantial deferred maintenance issues (lobby, elevators, roof, HVAC, restrooms, etc.) and convert the fourth floor to a unique small office condominium environment. The condominiums will feature shared conferencing and kitchen amenities that are especially appealing to smaller users.

Upon the conversion of the fourth floor, the remainder of the building will either be converted to condominiums or retained by the ownership.

Value-add/Repositioning Acquisition

  • Acquired off market through 3rd-party broker relationship
  • 66,964-square-foot office building acquired for $11,000,000 in June 2006
  • $4,265,000 in building renovations were completed within 12 month of ownership
  • A portion of the building will be converted to office condominiums and sold, while a portion of the building will be retained

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