Washington Capital Acquires Bethesda Office Property for $45M
- Jul 17, 2019
Washington Capital Management has acquired The Fairmont Building in Bethesda, Md., from Realty Investment Co., an entity controlled by Bainum Family Foundation. The 125,108-square-foot office building traded for $45.4 million, lower than the 2013 acquisition price of $46 million, according to Yardi Matrix.
HFF team of Senior Managing Directors Jim Meisel and Andrew Weir, Senior Director Matthew Nicholson and Director David Baker represented the seller, prior to the firm’s acquisition by JLL.
The Fairmont Building is located at 7735 Old Georgetown Road, in Bethesda’s Woodmont Triangle area. Constructed in 1964, the 12-story building received a complete renovation in 1997. Potential leases range from 2,293 square feet of divisible space up to 6,597 square feet of contiguous space, according to Yardi Matrix. Tenants have access to a six-level parking garage comprising 135 spaces, and floor plates of 10,212 square feet. The building is Energy Star certified as of 2010. Tenants include GTM Architects, Earth Share, Greysteel, Urban Atlantic and others, occupying 96 percent of the building.
The Woodmont Triangle area features a plethora of restaurants, bars and entertainment. The Fairmont Building is close to several bus stations, as well as the Red Line metro, which provides access to downtown Washington, D.C. The office building will also be proximate to the upcoming Purple Line, which is currently under construction and is estimated to come online between 2022 and 2024.