Bentley Forbes Acquires US HQ of PHH Arval for $42 Million

BALTIMORE, MD - BUSINESS WIRE - March 18, 2004

BentleyForbes, a Los Angeles-based national commercial real estate investment firm, has completed the $42 million acquisition of the United States Headquarters building for PHH Arval, one of nation's leading vehicle management service companies . The 216,000-square-foot, three-story, Class A office building is a campus-style, build-to-suit development completed in March 2004. BentleyForbes acquired the building at the completion of construction in a net lease acquisition that required the structuring of a long-term lease with the tenant and a sale agreement with the developer.

Located at 940 Ridgebrook Road in Sparks, Md., a township of Baltimore County, the office building is strategically located within easy reach of regional business markets and residential communities including Baltimore, the DC, DE, PA and VA.

BentleyForbes represented itself in the transaction. David Scheffenacker Jr. of Preston Partners, Inc. represented PHH Arval in the lease transaction and the developer, Highland Partners, in the sale. The building was designed and constructed by the project's general contractor, Opus East LLC.

Sphere: Related Content