CP Group Acquires 709K-SF Democracy Center in Bethesda, Maryland

CP Group, a prominent owner-operator of office properties throughout the Sunbelt, has acquired Democracy Center — the three-building, 709,313-square-foot office campus in Bethesda, Maryland – in a joint venture with DRA Advisors. The acquisition marks CP Group’s first in the greater Washington, D.C. market since it opened a regional office in Washington DC last year and its third joint venture with DRA in the past year.

“We plan to revitalize Democracy Center through our amenitization and tenant experience programs. Today’s workforce demands flexibility and on-site conveniences, which we plan to deliver to the campus,” said Tommy Spinosa, Senior Vice President at CP Group and managing the DC metro office. “State-of-the-art amenities, activated greenspaces, and renovated common areas are some examples of what we’ll deliver to Democracy Center.”

Designed by Skidmore Owings and Merrill and developed by Boston Properties, Democracy Center consists of two nine-story buildings and one 15-story building. Amenities include a Starbucks, outdoor plazas; a cafeteria with outdoor seating; a fitness center; a sport court; and on-site daycare. The campus is immediately adjacent to a new HOV off-ramp with direct access to I-270 and I-495.

CP Group plans to implement a transformative $12+ million capital program that will include new indoor and outdoor amenities – including a conference center and tenant lounge – and upgrades to the lobbies, common area corridors, and restrooms. The firm will also develop a full floor of CP Group managed spec suites as part of their flexible workplace program, worCPlaces. In addition to the capital program, CP Group will prioritize sustainability and health and wellness initiatives with a focus on energy and water efficiency, waste, recycling, and tenant health and wellbeing, overseen by the firm’s Director of ESG and Tenant Experience Manager.

“Class A office within the I-270 corridor is experiencing a dynamic shift as life science users are increasingly absorbing the traditional office stock,” said Brett Reese, who oversees acquisitions and investments for CP Group. “Democracy Center is acutely positioned to attract new tenancy. Our basis in the deal will allow us to transform the asset back to its historic prominence in the market and offer competitive rates to our tenants.”

Democracy Center is strategically located in the I-270 Corridor, one of the nation’s premier life sciences hubs, and offers prime vehicular access to all major interstates.

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