MoCo Nonprofit To Relocate HQ To Gaithersburg After Building Purchase

GAITHERSBURG, MD — Bethesda-based Finmarc Management Inc. has sold a two-story office building in Gaithersburg for nearly $4.35 million, the company said Tuesday.

The building was sold to Identity Inc. and was part of a nine-building portfolio of about 342,000 square feet of flex/office, commercial office, retail, and warehouse space purchased by Finmarc in 2014 from First Potomac Realty Trust.

The building, at 620 E. Diamond Avenue, contains about 25,000 square feet of flex and office space and is located on a 1.98-acre parcel of land.

Ken Fellows and Rob Pugh of KLNB represented the seller and Jhon Pacheco of CBRE represented the buyer in this sales transaction. Aaron Rosenfeld of Kelley Drye Warren provided legal services to Finmarc.

Identity, a nonprofit organization, operates four high school Wellness Centers and two Youth Opportunity Centers in Montgomery County. The organization plans to relocate its headquarters and about 50 employees to the building at 620 E. Diamond Avenue later this year. Identity's current headquarters is located nearby at 415 E. Diamond Avenue.

The group provides a broad array of programs and services focused on supporting the physical, social, emotional, and mental well-being of Latino and other historically underserved youth throughout their high school years.

Finmarc said the sale continues its strategy of disposing certain assets, including the sale of 7375 Boston Boulevard in Springfield, Virginia, and Largo Town Center, a 280,000 square foot regional retail center in Upper Marlboro.

“A rapidly-rising interest rate environment brought investment sales activity to a virtual standstill last year. But, prospects of lower benchmark rates, pent-up demand, and our team’s ability to identify value-add opportunities in various asset classes positions us as preferred buyers in the year ahead,” David Fink, principal, Finmarc, said in a statement Tuesday.

Fink said Finmarc is attracted to under-performing properties that could create long-term and sustained value “with the implementation of proven leasing and asset management strategies that lower operational expenses.”

“Identity is a highly-respected organization which provides extremely important services to the underserved population of Montgomery County, and its presence in Girard Place will pay valuable dividends to the local Gaithersburg community,” he added.

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