Douglas Development Corp. is adding a new Maryland project to its repertoire.
The company has purchased 5700 Rivertech Court, a 150,000-square-foot building in Riverdale, near College Park, for $11.25 million from Donohoe Real Estate Services. The company will put $20 million into the building in order to bring in more tenants, said Norman Jemal, managing partner of Douglas Development Corp.
“The inventory of offices around it are new and certainly not outdated, and within walking distance you have all of these transportation options and the university,” Jemal said.
The building, which sits on seven acres near the growing University of Maryland Discovery District, is 46% occupied with University of Maryland, defense contractor Raytheon and research and development company Fraunhofer as tenants. But Jemal said the fundamentals of the area are “spectacular,” even with the difficult environment for office space brought on by the Covid-19 pandemic, which has brought vacancy rates in Maryland over 22%.
