CP Group Expands Its Leasing Portfolio at CapRock
CP Group, a leading owner-operator of office properties across the Sunbelt region, has recently announced that it has successfully executed nearly 35,000 square feet of leasing activity at its CapRock campus, a notable three-building office space totaling 709,313 square feet.
New Tenants at CapRock
The latest agreements at CapRock include four new tenants who are making the move from nearby offices in Maryland and Northern Virginia. These businesses reflect a growing trend towards finding appropriate office settings that align with their operational needs.
NFP Insurance Brokerage
NFP, an established insurance brokerage, has signed a lease for the entire 14th floor, encompassing 18,074 square feet, marking its transition from a nearby Bethesda office. The tenant was represented by Brad Wilner from CBRE.
Montgomery County Employee Retirement Plans
Additionally, Montgomery County Employee Retirement Plans (MCERP), part of the Montgomery County government, has secured 10,564 square feet of office space as they relocate from Rockville.
Ryse Health
Another new lease agreement is with Ryse Health, an endocrinology practice, which will occupy 2,929 square feet, moving from its current location in Arlington. The tenants of Ryse Health were represented by Charlene Bogdanor and Caroline Bour of CBRE.
Hydrocephalus Association
Lastly, the Hydrocephalus Association, a nonprofit organization focused on curing hydrocephalus, will occupy a newly constructed 2,328 square-foot spec suite at CapRock, also relocating from Downtown Bethesda.
Strong Leasing Momentum
Bernie McCarthy, Amanda Davis, Danny Sheridan, and Patrick Hall from JLL collaboratively represented the landlord during these transactions. Notably, two of the new tenants are medical-oriented, signaling a pivotal point in CapRock’s repositioning strategy.
Josh Edwards, Senior Vice President at CP Group, expressed enthusiasm for the leasing momentum. "We are witnessing strong activity driven by the demand for amenity-rich suburban offices that feature custom-designed workspaces. There is a burgeoning interest from medical users who appreciate our new amenities and work environments tailored for their growth. Recently introduced facilities at CapRock, including a tenant lounge, meeting rooms, and outdoor spaces, have substantially enriched our offering, meeting the evolving needs of organizations and their talent," he stated.
Rebranding and Renovation Initiatives
The property, which was formerly known as Democracy Center, has been rebranded to CapRock as part of an extensive repositioning initiative by CP Group, which includes a significant renovation budget aimed at revitalizing the 6903 building. This plan will feature a contemporary two-story lobby, a state-of-the-art fitness center, and upgraded tenant amenities, with renovations expected to be completed by early 2025.
Additionally, CapRock is introducing move-in-ready spec suites, with floor space ranging from 2,300 to 5,500 square feet available now. These offerings also include a dedicated shared amenity space with a lounge for spec suite tenants, accommodating their specific needs.
CapRock: A Valuable Asset
CapRock was delivered originally by Boston Properties and designed by the acclaimed architecture firm Skidmore Owings & Merrill. The campus is composed of two nine-story towers and one 15-story tower, surrounded by several appealing amenities. Current offerings at the property consist of outdoor plazas, a café with seating outdoors, a full fitness center, and an on-site daycare facility.
Located advantageously at the intersection of I-495 and I-270, CapRock enjoys excellent visibility and accessibility, being just five miles from Downtown and roughly ten miles from the heart of Washington, D.C. The location also boasts over 30 diverse dining options in close proximity.
About CP Group
With over 35 years of experience, CP Group is recognized as a premier operator and developer of office and mixed-use properties in the Sunbelt region. Since its inception in 1986, CP Group has efficiently acquired and managed over 165 properties spanning more than 56 million square feet, collectively valued at nearly $8 billion. The firm holds the title of Florida’s largest office landlord and ranks as the second-largest in Atlanta. Headquartered in Boca Raton, Florida, it also maintains corporate and regional offices across Atlanta, Dallas, Jacksonville, Miami, and Washington, D.C.
Frequently Asked Questions
What is the significance of the recent leasing activity at CapRock?
The recent leasing activity at CapRock signifies a strong demand for office space that offers modern amenities and flexible environments suited to the evolving needs of businesses.
Who are the new tenants at CapRock?
New tenants include NFP, Montgomery County Employee Retirement Plans, Ryse Health, and the Hydrocephalus Association, all of which are moving from nearby locations to CapRock.
What renovations are taking place at CapRock?
CP Group is implementing extensive renovations including a modern lobby, fitness center, and newly constructed spec suites designed to enhance the user experience at CapRock.
What amenities does CapRock offer?
CapRock features outdoor plazas, a café, a fitness center, and on-site daycare, all designed to create a conducive work environment.
How does CP Group contribute to the commercial real estate market?
CP Group has a strong track record of acquiring and managing significant office properties, leveraging over three decades of experience to meet market demands across the Sunbelt.
