CP Group Expands Leasing Opportunities at CapRock Office Campus
CP Group, a well-known owner-operator of office properties across the Sunbelt, recently reported an exciting development at CapRock, a significant office campus. Under the management of CP Group and in partnership with DRA Advisors, the CapRock campus has witnessed an impressive leasing activity totaling nearly 100,000 square feet. This surge in leasing reflects the company’s dedication to enhancing tenant experiences through substantial renovations and strategic branding efforts.
New Tenants Join CapRock
The recent leasing agreements at CapRock include five new tenant contracts and a renewal from a prominent anchor tenant. These new additions contribute to the thriving business community at CapRock, highlighting its appeal as a desirable office location.
The Biophysical Society
A notable new tenant is the Biophysical Society, an international scientific nonprofit organization. They secured 4,608 square feet of space, marking a transition from their previous location in Rockville. The leasing transaction was facilitated by Charlene Bogdanor and Brad Wilner of CBRE.
Wells Aesthetics
Another exciting addition is Wells Aesthetics, a full-service aesthetic practice. This company has signed a lease for 2,846 square feet, expanding from their operations at Cosmetic Surgery Associates. Rashida Akhter and Scott Mendelson of KLNB represented this tenant deal.
Washington Vein Clinic
The Washington Vein Clinic, known for its advanced treatments for spider and varicose veins, is relocating to CapRock. The clinic is occupying 3,837 square feet, moving from their existing location. This transition was facilitated by Deniz Yener and Claire Joyce from The Tenant Agency.
Law Firm of Alexander K. Anderson, LLC
In addition, the Law Firm of Alexander K. Anderson, LLC has signed a lease for 3,196 square feet after relocating from Rockville, with representation from Mike Gillman of CBRE.
Lawrence Noble Enterprises
Passport Health, formally known as Lawrence Noble Enterprises, will occupy 1,346 square feet at the campus, also moving from a nearby site. The lease was negotiated by Nate Crowe and Katie Datin of Scheer Partners.
HMSHost Lease Renewal
Additionally, the well-established HMSHost, part of the global leader Avolta, renewed its lease for a substantial 81,026 square feet, ensuring a long-term commitment to CapRock through 2037. This agreement includes plans to reopen its onsite Starbucks, enhancing the availability of amenities for both tenants and visitors.
Capital Improvements Fuel Growth
Josh Edwards, Senior Vice President at CP Group, acknowledged the vital role that ongoing improvements play in attracting a diverse range of tenants. With an emphasis on medical users and a strong focus on flexible, employee-centric workspaces, CapRock is increasingly becoming a sought-after location for businesses.
Renovations and Upgrades at CapRock
Since acquiring the property, CP Group has embarked on a rebranding journey, transitioning from Democracy Center to the current CapRock name. Significant renovations are underway, including a $12+ million capital improvement program aiming to elevate the tenant experience. Among improvements, the lobby of building 6903 is transforming into an inviting two-story space featuring a modern fitness center, a tenant lounge with an outdoor balcony, and state-of-the-art meeting rooms. These enhancements are scheduled for completion by early 2025.
Furthermore, CP Group has introduced move-in-ready spec suites ranging in size from 2,300 to 5,500 square feet, which come with access to shared amenities designed specifically for the suite occupants.
Strategic Location and Amenities
CapRock’s design showcases two nine-story buildings alongside a 15-story tower. The campus offers various amenities, including outdoor plazas, a café with outdoor seating, a fitness center, and convenient on-site daycare. Its prime location near major highways such as I-495 and I-270 ensures excellent visibility and accessibility, just a short distance from Downtown Bethesda and a variety of dining options.
As CP Group continues to enhance its portfolio, the developments at CapRock illustrate the company's commitment to sustaining its status as a leading property owner and developer in the Sunbelt.
About CP Group
With a rich history in commercial real estate spanning over 35 years, CP Group has accrued an esteemed reputation as a premier developer and manager of office and mixed-use projects. Since its inception in 1986, CP Group has managed and acquired more than 165 properties totaling over 56 million square feet, valued close to $8 billion. The firm ranks as Florida’s largest and Atlanta’s second-largest office landlord while being the 25th largest in the United States. Operating from Boca Raton, with additional offices in Atlanta and regions like Dallas, Jacksonville, Miami, and Washington D.C., CP Group’s reach is extensive.
Frequently Asked Questions
What is CapRock?
CapRock is a significant office campus managed by CP Group, featuring three buildings totaling 709,313 square feet, strategically located in Bethesda.
What recent leasing activity has occurred at CapRock?
CP Group has announced nearly 100,000 square feet of leasing activity with five new tenants and one lease renewal, showcasing the campus's appeal.
What types of businesses are relocating to CapRock?
CapRock has attracted a variety of tenants including medical clinics, law firms, and aesthetic services, reflecting its diverse leasing appeal.
When will the renovations at CapRock be completed?
The renovations are set to be completed by early 2025, enhancing the tenant experience and campus amenities.
How can I learn more about CP Group?
Additional information about CP Group can be found on their official website, detailing their extensive property portfolio and company history.
