BETHESDA, MD—News circulated earlier this week that an unknown developer was planning to tear down and rebuild the Apex Building at 7272 Wisconsin Ave., the office complex that sits on top of the future Metro stop on the Purple Line. That developer has turned out to be Carr Properties. It has signed an agreement to acquire the 163,000 square foot building for $105.5 million.
Over the next few years, as the existing tenants leave, Carr plans to demolish the building and build a mixed-use 935,000-square foot complex that will have office, housing and hotel space, according to JV partner Alony Hetz Properties CEO Nathan Hetz.
More details about the redevelopment will be revealed on Nov. 30, at a public meeting.
Hetz also said that the seller, the American Society of Health-System Pharmacists, which is one of the building's occupants, will move to the 4500 East West Building also owned by Carr, which recently delivered. It will be renting 68,000 square feet, increasing the occupancy rate in the new building to 65%.
Carr Properties was not immediately available to speak with GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
