BETHESDA, MD-Another building has traded in the DC area: One Bethesda Center, an office-and-retail complex located at 4800 Hampden Lane. New York investor and real estate developer Bernard Spitzer purchased the complex, which consists of a 12-story office tower and separate two-story retail and office buildings. Eastdil Secured brokered the transaction. The purchase price was not disclosed. The seller was JBG Cos., which acquired the property in 2010.
“One Bethesda Center represents a perfect opportunity to participate in the growth of the Bethesda market, which may well be one of the most supply constrained submarkets in the Washington region,” Eastdil Secured managing director Nick Pappas said in a prepared statement. Because tenancies are stable, he added, the building should provide “excellent long-term, risk-adjusted returns for the buyer.” The office tower is roughly 98% leased.
One Bethesda Center follows a handful of other transaction in the area, as buyers and sellers scramble to close existing transactions before the start of 2012. Rockefeller Group acquired 1100 First St., NE in NoMa, a few weeks ago for $180 million.
Another example is UDR and its joint venture partner, Kuwait Finance House, which closed on 1301 Thomas Circle, NW for $154 million.
And John Buck bought 740 15th St. NW from the American Bar Association.
At the same time, firms are gearing up for 2012. Brandywine REIT and Current Creek Investments, LLC are partnering to invest in properties next year, although Gerard H. Sweeney, president and CEO of Brandywine Realty Trust suggested during a recent earnings call that the venture, to which Brandywine has contributed three buildings, could close without additional purchases.
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