CP Group, a prominent owner-operator of office properties throughout the Sunbelt, along with a fund managed by DRA Advisors, announced today that it has executed over 35,000 square feet of leasing activity over the past three months at CapRock, the 709,313-square-foot Class-A office property in Bethesda, Md. The latest deals build on the success of their flexible workspace program, with three of the new leases for phase two of their newly completed spec suites, and come on the heels of their last leasing announcement of over 32,000 square feet, announced in March.
The recent deals are as follows:
- MCA of Metropolitan Washington, a nonprofit mechanical contractors organization, signed a lease for 12,295 square feet. Rob Pugh of KLNB represented the tenant.
- Pioneer Office Leases, a flexible and on-demand office and meeting space solution, signed a lease for 8,905 square feet. Andrew Colangelo of Clarefield Partners represented the tenant.
- mPower, Inc., a business management consultancy, leased 4,610 square feet of office space. Rashida Akhter of KLNB represented the tenant.
- IMC Construction, a commercial general contractor, signed a lease for a newly delivered 3,478-square-foot spec suite. Charlegne Bogdanor of CBRE represented the tenant.
- Commcrete, a satellite communications company, signed a lease for a new 3,807-square-foot spec suite. Claire Joyce of TTA represented the tenant.
- Haverford Construction Company, a home builder, construction, and land-development firm, also signed a lease for a new 2,780-square-foot spec suite. Dan Klueger of TTA represented the tenant.
Bernie McCarthy, Amanda Davis, Danny Sheridan, and Patrick Hall of JLL represented the landlord in all transactions.
“This year, we’ve seen companies choose CapRock because they want space tailored to their needs without having to invest the time and cost of a traditional buildout,” said Josh Edwards, Senior Vice President at CP Group. “By pairing turnkey spec suites with a reimagined campus and modern amenities, we’ve created an environment where today’s companies can move quickly without compromising on quality or the workplace experience.”
Formerly known as Democracy Center, the three-building, 10-acre campus comprises two nine-story towers and one 15-story tower. Following CP Group’s 2023 rebrand of the property, the firm executed a multi-million-dollar capital improvements program to reintroduce CapRock as a thoughtfully designed, modern workplace destination. As part of the repositioning, CP Group fully transformed the campus’ main building at 6903 Rockledge Drive with a new two-story lobby; improvements to the entrance and grand arrival; a modernized fitness center; a second-floor tenant lounge with a multi-purpose conference center; an outdoor balcony, huddle and collaborative space; and a coffee bar. Additionally, the property features outdoor plazas, a café with outdoor seating, and on-site daycare.
The renovations at 6903 also included the rollout of a spec suite and town hall program. To date, CP Group has delivered more than 50,000 square feet of move-in-ready suites across two phases. With nearly all of the existing suites leased, the firm is launching a third phase of suites ranging from 2,000 to 5,700 square feet, with delivery expected by the end of the year.
Conveniently located at the intersection of I-495 and I-270, the campus also provides direct access to Downtown Bethesda, Washington, D.C., and more than 30 dining options within a one-mile radius.
About CP Group
Founded in 1986, CP Group is a vertically integrated commercial real estate firm and value-add investor with deep market knowledge across the Sunbelt. The firm has acquired, repositioned, and operated over 180 office and mixed-use properties, totaling more than 64 million square feet and valued at over $8 billion. The firm applies its market expertise and integrated operations to deliver experience-driven environments that support tenant retention and maximize asset value. CP Group maintains offices in Atlanta, Boca Raton, Dallas, Denver, Jacksonville, Miami, and Washington, D.C. For more information, visit CPGcre.com.
About 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 approximately $44 billion of real estate. Its acquisitions include over 105 million square feet of industrial, 88,600 multifamily units, 95 million square feet of retail, and 66 million square feet of office. As of March 31, 2026, DRA had $13.2 billion in gross assets under management. http://draadvisors.com
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