JV Acquires 77 Upper Rock in Rockville, Maryland
Douglas Donatelli and Nicholas Smith today announce the formation of DSC Partners LLC (DSC), a commercial real estate company focused on property acquisition across the Washington metropolitan area. DSC, in a joint venture with a domestic investment fund, also announces the acquisition of 77 Upper Rock in Rockville, Maryland for $19.5 million from The JBG Companies.
“DSC Partners is an opportunity for Nick and me to grow another company focused on identifying value-add opportunities across the region,” said Douglas J. Donatelli. “We continue to have high confidence in the greater Washington region and foresee long-term value with solid growth.”
DSC will seek to acquire commercial real estate properties throughout the Washington region, targeting value-add and Class-A properties that can benefit from their combined focus and expertise across many property types and submarkets. 77 Upper Rock is DSC’s first acquisition in the Washington, D.C. market.
“77 Upper Rock is an ideal property to showcase the asset class we will be seeking as we grow the firm and our portfolio,” added Nicholas R. Smith. “The opportunity to add improvements to a property this well-positioned will be highly desirable to prospective tenants in the Maryland market and generate strong demand.”
77 Upper Rock consists of an 8-story Class-A LEED Silver office building, totaling 232,282 square feet. The building is located in the new Upper Rock district, surrounded by soon-to-be delivered retail amenities, including CAVA, Mom's Organic Market and CVS. The building was built in 2005 and is currently empty, and DSC Partners will undertake a base building renovation to add best-in-class fitness facilities, conference rooms, tenant common areas, green space and amenities.
The Newmark Knight Frank team of Jud Ryan and James Cassidy represented the seller in the transaction. Transwestern will lease and manage the building.
About DSC
DSC Partners LLC (DSC), a recently formed commercial real estate venture founded by Douglas Donatelli and Nicholas Smith, acquires commercial real estate properties throughout the Washington metropolitan region, targeting value-add and Class-A opportunities. Donatelli and Smith have acquired, developed or repositioned over 20 million square feet of office and industrial properties totaling over $3 billion.
