The property is a 166,266 square foot seven-story Class A office building situated in the Merrifield area of Fairfax in close proximity to numerous dining and retail establishments. Located within walking distance of the Dunn Loring-Merrifield Metro Station, 2677 Prosperity Avenue offers commuters easy access to Interstate 66 and Interstate 495. The property has plans to enhance building amenities with a new conference center, tenant lounge, fitness center and a renovated lobby, which are expected to be completed by the end of 2020.
The property is owned in a joint venture between Office Properties Income Trust (Nasdaq: OPI) and Coakley Prosperity of Virginia, LLC. The property is managed by The RMR Group, which is responsible for providing all aspects of management services and strategy for more than 1,300 properties with over 93 million square feet of commercial office, industrial, medical office, life science and retail space.
The landlord was represented by Andy Klaff and Dominic Orcino of Newmark Knight Frank. The tenant was represented by Samuel Heiber and Tom Birnbach of Cresa.
About The RMR Group Inc.
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority owned operating subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate related operating companies. As of March 31, 2020, The RMR Group LLC had $32.0 billion of total assets under management, including more than 2,100 properties, and employed over 600 real estate professionals in more than 30 offices throughout the United States; the companies managed by The RMR Group LLC collectively had nearly 50,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.
About Office Properties Income Trust
Office Properties Income Trust is a real estate investment trust, or REIT, focused on owning, operating and leasing properties primarily leased to single tenants and those with high credit quality characteristics like government entities. OPI is managed by the operating subsidiary of The RMR Group Inc.
About Coakley Prosperity of Virginia LLC
Coakley Prosperity of Virginia is owned by the owners of C. J. Coakley Co., Inc. a leader in the interior construction industry for over 58 years. With over 400 employees Coakley is known for its high-quality work on complex commercial projects throughout Virginia, Maryland and DC. Recognized with numerous awards, Coakley has unique expertise on large high-profile structures. Projects range from $100,000-$32,000,000, and include Museums, Hotels, Hospitals, Embassies, Condominiums, Government and Corporate offices, etc. The Coakley Family owns and manages other commercial properties in Virginia and Washington, DC.
WARNING REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon RMR’s present beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond RMR’s control.
For example the press release includes statements that the property has plans to enhance building amenities with a new conference center, tenant lounge, fitness center and a renovated lobby, which are expected to be completed by the end of 2020. However, the completion of these renovations may be adversely impacted by construction delays, including but not limited to materials and labor availability as well as other market factors, so there can be no assurance that the renovations will be completed by the expected timeframe.
For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Except as required by law, RMR does not intend to update or change any forward-looking statements as a result of new information, future events, or otherwise.