URDANG Fund and Moore & Associates Acquire Silver Spring Office Complex
January 12 2010 - 7:50AM
PR Newswire (US)
BNY Mellon Investment Manager Sees Compelling Investment In
Washington D.C. Market PLYMOUTH MEETING, Pa., Jan. 12
/PRNewswire-FirstCall/ -- An investment fund managed by URDANG, the
real estate investment manager and part of BNY Mellon Asset
Management, has acquired the 500,000 square-foot Station Square
office complex in Silver Spring, Maryland, in a joint venture with
developer Moore & Associates. URDANG made its portion of the
acquisition through Urdang Value-Added Fund II L.P., a private real
estate fund managed by Urdang Capital Management Inc. The property
was purchased from National Office Partners Limited Partnership, a
joint venture of Hines, the international real estate firm, and the
California Public Employees' Retirement System (CalPERS). Terms
were not disclosed. The property last changed hands in 2005 when it
was purchased for $129.8 million. Moore & Associates, which is
partnering with URDANG in the purchase announced today, was the
original developer and the seller in 2005. "We believe Station
Square to be a compelling investment as it is located in a highly
desirable Washington D.C. submarket, which is enjoying a resurgence
in anticipation of the 2011 opening of a major transit center,"
said David L. Rabin, managing director of acquisitions for URDANG.
"We were able to acquire it at an attractive cost and can create
value in this asset by making selected key investments and
re-positioning the property in the marketplace." "We have decided
to reenter the Silver Spring market as capitalization rates have
risen significantly since 2005," said Lloyd W. Moore, chairman of
Moore & Associates. "Silver Spring is a strong office market in
a balanced urban center." Station Square marks the fourth joint
venture acquisition completed by Urdang Capital Management and
Moore & Associates. The two firms own Bethesda Towers, a
540,000 square-foot office complex in Bethesda, Maryland, and two
office buildings in Austin, Texas. Notes to Editors: Moore &
Associates is an owner-managed, full-service commercial real estate
investment, development, and management firm serving affiliated and
independent clients. With more than 50 employees, the firm has
completed $800 million in capital transaction during the past four
years and currently manages two million square feet of office
space. Founded in 1987 with an exclusive focus on institutional
investment grade real estate, URDANG offers a variety of strategies
and products, managing approximately $1.5 billion in public real
estate securities through URDANG Securities Management, Inc. and
approximately $2.0 billion in debt and private equity real estate
investments through URDANG Capital Management, Inc. for
institutional investors and high net worth individuals throughout
global markets and across public and private capital sectors.
URDANG's research-driven process combines top down economic
analysis and market/country selection with bottom up underwriting
of properties, companies and management teams to seek high,
risk-adjusted returns. It is one of the investment boutiques of BNY
Mellon Asset Management. BNY Mellon Asset Management is the
umbrella organization for BNY Mellon's affiliated investment
management firms and global distribution companies. BNY Mellon is
the corporate brand of The Bank of New York Mellon Corporation. BNY
Mellon is a global financial services company focused on helping
clients manage and service their financial assets, operating in 34
countries and serving more than 100 markets. BNY Mellon is a
leading provider of financial services for institutions,
corporations and high-net-worth individuals, providing superior
asset management and wealth management, asset servicing, issuer
services, clearing services and treasury services through a
worldwide client-focused team. It has $22.1 trillion in assets
under custody and administration and $966 billion in assets under
management, services $11.9 trillion in outstanding debt and
processes global payments averaging $1.6 trillion per day.
Additional information is available at http://www.bnymellon.com/.
DATASOURCE: BNY Mellon CONTACT: Mike Dunn, +1-212-922-7859, , or
Sarah Deutscher, +44 20 7163 2744, Web Site:
http://www.bnymellon.com/
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