CHEVY CHASE, MD. — Forbright Bank has brought in R3 Ventures in the acquisition of Chase Tower, a 12-story office building located at 4445 Willard Ave. in Chevy Chase, a Maryland suburb of Washington, D.C.
Forbright Bank is the anchor tenant of Chase Tower, which has served as the bank’s headquarters since 2020. The property features 227,000 square feet of office space and 18,000 square feet of retail space, including a bank branch for Forbright Bank.
The seller and sales price were not disclosed. Cushman & Wakefield represented the new ownership in the transaction, and Eastdil Secured represented the seller.
In addition to co-investing in the acquisition, R3 Ventures will oversee asset management duties at the office building, including the leasing strategy and capital improvements. The new ownership has also retained JBG Smith as the property manager for the office building.