New Arrival Sets Record in Bethesda
- Aug 06, 2015
It seems July was “Office Sales Month” in the Washington, D.C., area.
The latest property to change hands is located in the heart of Bethesda, at 7550 Wisconsin Ave. It was acquired by a Germany-based investor, GLL Real Estate, from Akridge and Rockwood Capital. DTZ brokered the deal and represented the seller in the transaction. The DTZ team included Vice Chairmen Bill Collins and Paul Collins and Executive Managing Directors Jud Ryan, James Cassidy and Drew Flood.
According to the Washington Business Journal, 7550 Wisconsin Ave. traded for $75 million, or roughly $627 per square foot. The sale sets a new record for office building transactions in the Bethesda market.
Akridge and Rookwood Capital purchased the 10-story trophy property in 2010. They repositioned and completely redeveloped the asset in 2012, making it the first new office building to deliver in Bethesda in more than a decade. The Class A property is LEED Gold certified and offers 120,000 square feet of space. Amenities include a modern lobby, a fitness facility and a rooftop terrace.
“Rockwood and Akridge’s repositioning of 7550 Wisconsin Ave. created a one-of-a-kind trophy asset in Bethesda,” Cassidy said in a prepared statement. “The building’s quality and the evolution of the Bethesda market were proven out by a vigorously completed sales process and the fact that overseas capital, GLL, acquired an asset for the first time in this submarket.”
Photo credit: Akridge