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180,000-SF One Bethesda Center Trades for $69M

BETHESDA, MD-The 180,000-sf office building known as One Bethesda Center comes under new ownership in a $69-million transaction that just closed. The class A property is in the heart of this suburban Washington, DC suburb's central business district.

By Barbra Murray | Updated on February 13, 2006

BETHESDA, MD-New York City-based Brookfield Properties has acquired One Bethesda Center from Equitable Life, operating under the name One Bethesda Investors LLC. The price was $69 million.

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.

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