BETHESDA, MD. — Development and investment firm Roadside Development and global alternative asset manager Hudson Bay Capital have acquired Bethesda Towers, an office campus situated in downtown Bethesda. The sales price was not disclosed, but the Washington Business Journal reports that the complex had an assessed property value of roughly $86 million, according to records with the State of Maryland.
Moore & Associates sold the property and will continue to oversee property management on behalf of the new ownership. Moore & Associates acquired Bethesda Towers, which was originally built in the 1970s, in 2005.
Totaling roughly 600,000 square feet, the campus comprises three office buildings and is walkable to attractions including Bethesda Row, the Capital Crescent Trail and the Bethesda Metro Station. The buyers plan to reposition the development over time but did not release any specific plans.
“The Bethesda Towers campus presents a large-scale parcel with the potential to become a unique and transformative place at the gateway to Bethesda,” says Jeff Edelstein, president of Roadside. “We’ve had our eye on the property for quite some time, and it will be a great collaboration with our partners at Hudson Bay Capital.”
Mychael Cohn of Cohn Property Group represented Roadside in the transaction. David Borden and Jason Krane of Ackman-Ziff secured debt and equity financing on behalf of Roadside, and Brian Ashin of Paul Hastings acted as the developer’s legal counsel.
Headquartered in Washington, D.C., Roadside Development focuses on mixed-use, retail and adaptive reuse projects throughout the region, with a portfolio including the City Ridge, City Market at O, Cityline at Tenley, Purcellville Gateway and Stonebridge at Potomac Town Center developments.
Hudson Bay Capital is based in Stamford, Conn., and was founded in 2006.
— Hayden Spiess