Washington, D.C- June 24, 2015- Cohen Equities announced today that the company has acquired Metro Center IV located at 3311 Toldeo Road in Hyattsville, MD. The building is located in the Prince George’s County Metro Center complex, which is currently undergoing a major revitalization. The property is situated within is a mixed use, transit-oriented development with 1.3 million square feet of office space; 120,000 square feet of retail, 134 residential condominiums; and 910 multifamily/student housing units.
Built in 2002, the property was purchased 58% occupied and is anchored by GSA (Centers of Disease Control). The top two floors of Metro IV will be available for leasing along with the first floor.
“We’re one of the few national investors who have a proven ability to negotiate value and work through complicated GSA leases,” said Meir Cohen, Chairman and CEO of Cohen Equities. “Here we had the opportunity to reap the rewards of that expertise and to own the best building in the neighborhood. With the in place GSA cash flow and the upside of accretive leasing, this investment is a big win for us.”
Leasing at the property is exclusively managed by Transwestern’s Jeff Groves, Brian Watts and Peter Marcin.
About Cohen Equities
Cohen Equities is a national real estate investment firm that pursues commercial assets that present an opportunity to add value in both secondary and gateway markets. The company has successfully invested in and improved more than 9 million square feet of real estate across the United States. Led by Meir Cohen, a real estate veteran with more than 30 years of experience, Cohen Equities creates significant value through active management, leasing and repositioning activities. For more about Cohen Equities, please visit cohenequities.com.