The LLC had purchased the 180,000-sf office building in 1997 for $34.6 million. According to Montgomery County real estate records, the class A asset and the one-acre parcel it occupies have a total current assessed value of $35.5 million. Spaulding & Slye represented the seller in the transaction, while Brookfield relied on internal representation.
Carrying the address of 4800 Hampden La., One Bethesda Center sits in the heart of Downtown Bethesda. The 12-story structure, which was developed 20 years ago, features a four-level parking facility to accommodate about 400 vehicles and is connected by way of a plaza to a two-story retail property.
Tenants at One Bethesda include Boston Consulting Group, uranium conversion services provider Cogema Inc. and law firm Paley Rothman. At the time of the transaction, the property was 89% occupied and space was being leased by Jones Lang LaSalle for $34 to $35 per sf.
Brookfield bought One Bethesda Center with proceeds attained by the recent $138-million disposition of two office properties in Denver. The Washington, DC area has been a focus for Brookfield since the company made its entrée into the Metropolitan Washington, DC market two years ago. According to a company spokesperson, significant upgrades to the property are planned.
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