Consisting of More Than 228,000 of Rentable Square Feet
Washington, D.C. – May 19, 2016 -- CBRE is pleased to announce six recent leases at Bethesda Place I and II in Bethesda, Maryland totaling 228,513 square feet. The assets are located at 7600 and 7700 Wisconsin Avenue and are owned by affiliates of Polinger Company and The Tower Companies, two of the most respected names in the Washington, DC real estate market.
Recently signed leases include:
Bethesda 1
- Northmarq Capital, 6,900 square feet
- Lerch Early & Brewer, Attorneys at Law, 40,506 square feet
- Furey, Doolan & Abell, LLP, 10,322 square feet
Bethesda II
- GSA, 119,539 square feet (renewal)
- United Educators, 28,477 square feet
- Berkley Point Financial Services, 22,769 square feet
The property is located in the heart of downtown Bethesda and is bordered by Wisconsin Avenue, Commerce Avenue and Woodmont Avenue. This mixed-use development includes 470,000 square feet of office space in two Class A office towers, 60,000 square feet of retail space, and 100 luxury apartments.
“The demand for Class A buildings like Bethesda I & II is evident in the move-in by these six tenants. Touring activity with Class A and Trophy assets has increased noticeably,” said Jim Cahill, Senior Vice President, CBRE. “These leases demonstrate the continued flight to quality with tenants’ preference for a “live, work, play” environment with Metro access and stable ownership.”
Elliot Schnitzer, Senior Executive Vice President of Polinger Company, on behalf of the ownership said: ”We are extremely pleased that these prestigious organizations have selected Bethesda Place for their office location. Their choice demonstrates that well designed, well located and well managed properties like Bethesda Place will continue to attract the best tenants in the marketplace.”
According to CBRE’s Q1 Market View, the Suburban Maryland office market continued to experience growth during the first quarter of 2016, posting 215,942 sq. ft. of positive net absorption for the entire area. This quarter also saw Class A product contributing 164,686 sq. ft. of positive net demand, double the 82,064 sq. ft. of net absorption recorded by Class B buildings.
CBRE’s Jim Cahill represented Polinger Company and The Tower Companies with collaboration from CBRE FLAG’s Tim Hutchens on the GSA renewal.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.