BETHESDA, MD—Bethesda Crossing, a 353,000-square foot building in this submarket that used to be called the Air Rights Center, has traded. MRP Realty and Rockpoint Group LLC have sold the property to institutional investors advised by J.P. Morgan Asset Management. The price was undisclosed. A call to MRP Realty was not returned by deadline.
The owners put the property on the market last October.
A fixture in the heart of Downtown Bethesda, Bethesda Crossing consists of three buildings -- Wisconsin Towers-West, Wisconsin Towers-East and Montgomery Tower -- that total 715,000 square feet. MRP Realty and Rockpoint Group purchased the property in January 2013, paying nearly $205 million, and invested nearly $30 million in renovations. The two firms will retain ownership of one sister building, Montgomery Tower, and MRP Realty will continue to provide property management services for the second, Wisconsin Towers.
"The sale of Bethesda Crossing is another step forward in our committed strategy of acquiring well- located, urban-infill assets and renovating, repositioning and rebranding them into premier office and residential properties," said Bob Murphy, managing principal of MRP Realty, in a prepared statement.
The renovations included updates to the main lobbies and common areas, a fitness center in Montgomery Tower, the installation of energy-efficient window systems in the Wisconsin Towers as well as numerous other mechanical building upgrades.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
