BETHESDA, MD—AEW Capital Management has sold Bethesda Office Center on behalf of one of its separate account investors. The 174,449-square foot Downtown office building traded for $63.5 million.
HFF's Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Robert Jenkins represented the seller in the deal.
HFF also secured acquisition financing for the transaction, arranging a fixed-rate loan through JP Morgan Chase Bank, National Association.
HFF's debt placement team was led by Cary Abod and Robert Carey.
Bethesda Office Center is located at 4520 East-West Highway, one block from the Bethesda Metrorail Station.
The Bethesda submarket should see "continued rental rate growth and increased leasing activity," according to a prepared statement by Meisel.
"This offering represented an exceptional opportunity to acquire a value-add, institutional quality, Class A office building in a highly sought after submarket," he said.
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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.
