Is Transit-Oriented Development DC's New Black?

WASHINGTON, DC-Another day, another transit-oriented transaction in the DC area. This time it was TIAA-CREF’s sale of the Air Rights Center in Bethesda, MD, to MRP Realty and Rockpoint Group, which announced the purchase of the three-building complex and development site on Friday. The 688,717-square foot office buildings are 90% leased; the development site is at 7300 Pearl St. and will comprise 150,000 square feet of office space. Its site plan is already approved.

This transaction follows other transit-oriented deals in recent days. A joint venture between MRP Realty and AEW Capital Management announced plans to develop a mixed-use, transit-oriented property located across from the Huntington Metro Station in Alexandria, VA. In Herndon, VA, Corporate Oaks II, a 78,576-square foot office building traded for $17.2 million. It is 100% leased and located within walking distance of the future Herndon-Monroe metro station. And let’s not forget the ongoing activity in Tysons Corner, illustrated by such deals as Intelsat’s 188,000-square foot lease at Tysons Tower.