BETHESDA, MD. — BXP (NYSE: BXP), the company formerly known as Boston Properties, has sold a 50 percent ownership interest in the corporate headquarters building for global hotelier Marriott International Inc. in downtown Bethesda. The Boston-based real estate development and management firm delivered the 21-story office tower in 2021 and is now selling its stake to its joint venture partner, The Bernstein Cos., at a $430 million valuation.
Tommy Cleaver, Bill Shanahan, Dan Grimes and Chloe Neal of CBRE represented BXP in the sale. BXP’s net proceeds in the sale came out to $83 million.
In addition to LEED Gold and Fitwel certifications, the Marriott office tower has features a rooftop terrace; grand lobby with an LED wall and three-story atrium; 7,500-square-foot fitness center; collaboration space; two dining offerings; 11,000-square-foot childcare center; and an innovation center with a test kitchen. According to Marriott, the office tower can accommodate roughly 3,500 workers across 2,842 workspaces. The hotel giant fully debuted the tower in fall 2022.
“This remarkable headquarters is the result of a shared vision and a strong partnership with BXP,” says Adam Bernstein, president and CEO of The Bernstein Cos. “Together, we delivered a world-class building for Marriott International’s global headquarters that sets a new standard for excellence, innovation and collaboration. We are grateful for this relationship and look forward to being exceptional stewards of this unique headquarters campus.”
The Marriott global headquarters campus also includes a 245-room flagship hotel wholly owned by The Bernstein Cos. that was not included in the sale. The 743,000-square-foot office building and hotel are connected by an open-air plaza.
BXP’s holdings in the metropolitan Washington, D.C., area spans 8.8 million square feet across 30 properties, including Reston Town Center and two office towers in the development pipeline. BXP’s stock price closed on Monday, April 20 at $58.91 per share, down from $62.57 a year ago, a nearly 6 percent decline.
Founded in 1933, The Bernstein Cos. is a privately owned developer and investor based in Washington, D.C.
— John Nelson