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BETHESDA, MD-A joint venture of Urdang & Associates and Moore & Associates has acquired the Bethesda Towers for a rumored $127.4 million. The 536,000-sf, three-building office complex once known as East West Towers, was purchased from Quadrangle Development Corp.

The seller–which had purchased the property under the name East West Towers LLC and which relied on the assistance of Spaulding & Slye Colliers to secure a buyer–had acquired the trio of class B buildings with Rockwood Capital six years ago for about $78.6 million. Carrying the addresses of 4330, 4340 and 4350 East West Hwy., Bethesda Towers sits near the Capital Beltway and Interstate 270 in the city’s central business district.

The seller is not commenting on the transaction and the buyer could not be reached by deadline. At the time of the transaction, the property was 71% leased, with the US government as lead tenant. The US Consumer Product Safety Commission makes its home in a 113,900-sf space and the US Department of Health and Human Services occupies about 101,000 sf, under leases that expire in 2013 and 2008, respectively. Discovery Communications had been a large tenant in complex before it relocated in 2003, after which point the owners submitted the property to a major renovation.

“Bethesda Towers is the only fee simple ownership opportunity that is scheduled to sell in this supply-constrained market for the foreseeable future,” Spaulding & Slye brokers wrote in the property summary. “Bethesda Towers offers investors a two-fold opportunity. The property’s diversified rent roll, anchored by the federal government, provides secure returns while the stabilization of the asset will enable the owner to increase the income of the property in an improving market.” The new ownership is currently marketing space at the property through Moore & Associates for $28.50 per sf.

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