7550 Wisconsin Ave. Gets Six New Tenants
- Jun 16, 2014
By Adrian Maties, Associate Editor
Akridge and Rockwood Capital LLC announced the signing of six new tenants at their jointly owned property, 7550 Wisconsin Ave. in Bethesda, Md. The building is now 65 percent occupied.
Akridge and Rockwood acquired 7550 Wisconsin Ave. in late 2010. According to PropertyShark, the purchase price was $12.5 million. The two companies renovated the property, originally built in 1964, transforming it into a state-of-the-art office building. Bethesda’s only new office development in more than a decade, PropertyShark lists its current market value at a little over $29.5 million.
7550 Wisconsin is LEED Gold certified and boasts a sleek glass exterior. It offers the only full-service rooftop entertainment space in Bethesda, as well as the market’s only private on-site, all-inclusive fitness facility, with state-of-the-art equipment.
The 10-story office building totals 110,000 square feet of space. Its new tenants are Carnemark Systems and Design, KVS Title, LSoft International, Sandy Spring Bank, SunEdison and a local lodging REIT. All six have signed long-term leases. According to the building’s owners, additional contiguous office spaces of 2,800 to 17,150 square feet are still available for firms looking to move to Bethesda and Montgomery County.
“The signing of these leases demonstrates the enormous interest in trophy-class properties in high-demand locations. Downtown Bethesda — with its desirable urban mix of office, residential, retail and entertainment — appeals to a wide range of companies seeking to tap the outstanding talent pool in the greater D.C. area. We are delighted to bring in new tenants who will enjoy all this area has to offer,” Joe Gorin, managing director at Rockwood, said in a statement.
Ginanne Italiano, president & CEO of The Greater Bethesda-Chevy Chase Chamber of Commerce, praised the two companies for their work on 7550 Wisconsin Ave. “The Greater Bethesda-Chevy Chase Chamber is so pleased that Akridge and Rockwood are having such great success. They took an empty shell and turned it into a true showcase within the core of Bethesda’s downtown. We are grateful to Akridge and Rockwood for having the vision and foresight to build this beautiful building, adding to the success of our community, which we believe is the best downtown urban center in the region,” he said.
Photo credit: Akridge