CP Group Announces Nearly 35,000 Sf of Leasing Activity at CapRock in Bethesda, MD

Latest deals at Class A suburban office park span healthcare, insurance, government, and nonprofit sectors

BETHESDA, Md.--(BUSINESS WIRE)--CP Group, a prominent owner-operator of office properties throughout the Sunbelt, along with DRA Advisors, announced today that it has executed nearly 35,000 square feet of leasing activity at CapRock — the three-building, 709,313-square-foot office campus in Bethesda, Md. These agreements follow a significant update in October announcing nearly 100,000 square feet of leasing activity, which included five new tenants and a lease renewal from an existing anchor tenant.

The latest lease agreements include four new tenants relocating from Maryland and Northern Virginia offices.

• NFP, an insurance brokerage, signed a lease for the entire 14th floor, totaling 18,074 square feet, for its relocation from a neighboring Bethesda office. Brad Wilner with CBRE represented the tenant.

• Montgomery County Employee Retirement Plans (MCERP), a department of the Montgomery County government, signed a lease for 10,564 square feet of office space, relocating from its current office in Rockville.

• Ryse Health, an endocrinology practice, signed a lease for 2,929 square feet of office space, relocating from its current office in Arlington. Charlene Bogdanor and Caroline Bour of CBRE represented the tenant.

• Hydrocephalus Association, a nonprofit organization dedicated to curing hydrocephalus, signed a lease for a 2,328-square-foot newly completed spec suite, relocating from Downtown Bethesda. Charlene Bogdanor of CBRE represented the tenant.

Bernie McCarthy, Amanda Davis, Danny Sheridan, and Patrick Hall of JLL represented the landlord in all transactions.

Two of the new tenants are medical users, which has been a focus for CapRock’s repositioning efforts for the first time in the building’s history.

"We have experienced strong leasing momentum in recent months, fueled by the demand for amenity-rich suburban offices with custom-designed workspaces,” said Josh Edwards, Senior Vice President at CP Group. "This includes growing demand for medical users who are finding our new amenities and work environment to meet their needs and support their growth plans. Our new offerings – including our nearly completed amenity floor with a tenant lounge, meeting space, and outdoor patio – have transformed CapRock into an amenity-rich work environment that organizations and talent need.”

Formerly known as Democracy Center, CP Group rebranded the property as CapRock in 2023 as part of its extensive repositioning initiative. This effort includes an ongoing, multi-million-dollar renovation to the 6903 building, which will introduce a two-story lobby experience, a modernized fitness center, a second-floor tenant lounge with an outdoor balcony, a coffee bar, and meeting rooms. These updates are expected to be finished by early 2025. Additionally, the firm has completed a full floor of move-in-ready spec suites in the same building, offering spaces ranging from 2,300 to 5,500 square feet. This floor also includes a shared amenity space exclusively for spec suite tenants, complete with a lounge and break room. There are no more than two remaining spec suites available to-date.

CapRock, originally developed by Boston Properties and designed by Skidmore Owings & Merrill, CapRock comprises three buildings: two nine-story towers and one 15-story tower. Existing amenities at the property include outdoor plazas, a café with outdoor seating, a fitness center, and an on-site daycare. Conveniently located at the intersection of I-495 (Capital Highway) and I-270 (Spur), CapRock is highly visible from I-270 and offers easy access to Downtown Bethesda (five miles away), Washington, D.C. (ten miles away), and over 30 dining options within a one-mile radius.

About CP Group

Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Sunbelt. Since 1986, CP Group has acquired and managed over 165 properties, totaling over 56 million square feet, valued at nearly $8 billion. It is currently Florida’s largest and Atlanta’s second-largest office landlord and ranks 25th largest in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Dallas, Jacksonville, Miami, and Washington DC. To learn more about the company, visit CPGcre.com.

DRA Advisors

DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees that specializes in real estate investment management services for institutional and private investors including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA’s inception in 1986, the firm has opened additional offices in Miami and San Francisco and has acquired over $41 billion of real estate. Its acquisitions include 100 million square feet of industrial, 86,500 multifamily units, 89 million square feet of retail, and 65 million square feet of office. As of September 30, 2024, DRA had $11.2 billion in gross assets under management. http://draadvisors.com