Tiny Office Brings in Nearly $12M

BETHESDA, MD-The diminutive 40,000-sf office building at 7220 Wisconsin Ave. has found a new owner for $11.8 million, or $292 per sf. With the assistance of Marcus & Millichap Real Estate Investment Brokerage Co.’s Stacey Milam, H&M Enterprises sold the four-story structure to a private trust buyer represented by Marcus & Millichap’s Michael J. Early. The deal is said to have broken the record for office-building unit price in the suburban Washington, DC city of Bethesda.

Located just on the outskirts of the District, near the city’s Friendship Heights area, 7220 Wisconsin Ave. was developed in 1960 and underwent a major makeover eight years ago. The property, which is currently assessed at a value of $5.5 million, last hit the market in 2000 when it was picked up for approximately $5.2 million. Today, the building is a popular property, boasting full occupancy. Tenants include Pentagon Financial Group and VR Business Brokers.