MRP Realty, Rockpoint Group Sell Wisconsin Towers at Bethesda Crossing
- Apr 21, 2015
A pair of downtown Bethesda office towers are now under new ownership. The two are part of the three-building Bethesda Crossing office complex.
In a transaction that closed on April 2, MRP Realty and Rockpoint Group LLC sold Wisconsin Towers to a group of investors advised by J.P. Morgan Asset Management. The purchase price was not disclosed. According to Bob Murphy, managing principal of MRP, the sale is part of his company’s strategy to buy well-located assets and renovate, rebrand and reposition them.
Wisconsin Tower East and Wisconsin Tower West offer a total of 353,000 square feet of Class A office space. Together with Montgomery Tower, they form Bethesda Crossing. MRP and Rockpoint purchased the 715,000-square-foot office complex in January 2013 from TIAA-CREF for $205 million. At that time, it was known as the Air Rights Center.
Following the acquisition, MRP and Rockpoint changed the property’s name and started work on renovations, investing an additional $30 million into the complex. The newly renovated Bethesda Crossing opened last year, on Sept. 30. It features updated main lobbies, common areas and restrooms; energy-efficient window systems and lighting; a rehabilitated parking garage; a state-of-the-art, 4,000-square-foot fitness center in Montgomery Tower; and more.
Photo credit: MRP Realty