BETHESDA, MD. — Carr Properties has acquired a 163,000-square-foot office building in the Central Business District of Bethesda for $105 million. The seller was an entity controlled by American Society of Health-System Pharmacists.
Carr intends to redevelop and expand the four-story building into a mixed-use property that will include over 900,000 square feet of office, residential and retail space.
The project will also include the addition of the Bethesda Purple Line Station, a new entrance to the Metro Red Line and a below-grade tunnel for the Capital Crescent Trail. The property is located at 7272 Wisconsin Ave.
“We believe that the Apex site, as redeveloped, will be the new commercial hub of the Bethesda market with unparalleled access to public transportation, bike trails and the thriving restaurant and retail of Bethesda Row,” says Oliver Carr III, CEO of Carr Properties. “We could not be more excited about this opportunity for our company.”
In a related transaction, the American Society of Health-System Pharmacists will relocate its headquarters to Carr’s recently developed LEED Platinum-certified office building located at 4500 East West Highway in Bethesda.
Carr Properties is a private REIT that owns, acquires and develops commercial real estate, predominately office properties, in the greater Washington, D.C. area.
The company owns 17 commercial office properties totaling over 4 million square feet and is developing four major properties including Midtown Center in Washington, D.C.; the Apex site in Bethesda, Md.; and 2311 Wilson Blvd. and 2025 Clarendon Blvd. in Arlington, Va.
Upon completion, these projects will add an additional 2.1 million square feet of office space to the company’s portfolio.
— Christina Cannon