MRP and Rockpoint Take Wraps Off of $30M Renovation

BETHESDA, MD—MRP Realty and private equity partner Rockpoint Group, LLC unveiled their $30-million renovation of the Bethesda Crossing office complex here on Tuesday.

The office complex, which consists of Wisconsin Towers -West, Wisconsin Towers - East and Montgomery Tower, total approximately 715,000 square feet office space. The property, formerly known as the Air Rights Center, was acquired by MRP Realty and Rockpoint Group in January 2013 and the ownership has since invested nearly $30 million in renovations at the downtown Bethesda property.

Among the renovations made at Bethesda Crossing are: renovations of the main lobbies and common areas throughout the complex; a state of the art 4,000 square-foot fitness center in Montgomery Tower; fully renovated restrooms throughout the complex; installation of energy-efficient window systems in the Wisconsin Towers; installation of energy-efficient lighting throughout the complex; rehabilitation of the parking garage; and several mechanical upgrades, including a new cooling tower in Montgomery Tower, HVAC control upgrades in the Wisconsin Towers - West, and replacement of the boiler and chiller servicing the east and west towers.

“The investment we made in Bethesda Crossing allows us to take advantage of its irreplaceable location in the heart of Bethesda," says Zach Wade, principal of MRP Realty. “Bethesda Crossing was already a strong office product and we have added value to current and future tenants through this modernization process.”