BETHESDA, MD–StonebridgeCarras and Buvermo Investments, a local real estate investment firm, announced Monday that they closed on the land and building at 4630 Montgomery Lane in downtown Bethesda. The purchase, which according to public records came in slightly above $15 million, completes the assemblage of three parcels at the corner of Wisconsin Avenue and Montgomery Lane.
It is there that StonebridgeCarras plans to build a 500,000-square foot mixed use project that should pencil in for approximately $300 million, StonebridgeCarras Principal Douglas Firstenberg tells GlobeSt.com.
The site can be developed up to 250 feet of height, according to the recently adopted Bethesda Central Business District Sector Plan.
The assemblage includes the existing Montgomery County's 2nd District Police Station at 7359 Wisconsin Ave., which will be exchanged in the fall as part of a Public Private Partnership with Montgomery County for a new police station at 4823 Rugby Rd., in Bethesda. The assemblage also include 7351 Wisconsin Ave., which was acquired in February 2015.
An Office Project
About 375,000 square feet of the project will be dedicated to office, Firstenberg says. “We had been leaning toward office from the beginning, in 2014 when we secured the police station but we didn't decide until 7359 Wisconsin and 4630 Montgomery Lane were in place.”
“We decided it was the best office site in Bethesda. Also there will be significant lease rollovers when we are delivering.”
The project will be completed in early 2021.
StonebridgeCarras plans to release its development plans for the project later this summer. It is in the process of deciding what the remaining use will be. Firstenberg says it doesn't have any pre-leases or serious commitments for the office space.
Financing for the project is being provided by United Bank.
BETHESDA, MD–StonebridgeCarras and Buvermo Investments, a local real estate investment firm, announced Monday that they closed on the land and building at 4630 Montgomery Lane in downtown Bethesda. The purchase, which according to public records came in slightly above $15 million, completes the assemblage of three parcels at the corner of Wisconsin Avenue and Montgomery Lane.
It is there that StonebridgeCarras plans to build a 500,000-square foot mixed use project that should pencil in for approximately $300 million, StonebridgeCarras Principal Douglas Firstenberg tells GlobeSt.com.
The site can be developed up to 250 feet of height, according to the recently adopted Bethesda Central Business District Sector Plan.
The assemblage includes the existing Montgomery County's 2nd District Police Station at 7359 Wisconsin Ave., which will be exchanged in the fall as part of a Public Private Partnership with Montgomery County for a new police station at 4823 Rugby Rd., in Bethesda. The assemblage also include 7351 Wisconsin Ave., which was acquired in February 2015.
An Office Project
About 375,000 square feet of the project will be dedicated to office, Firstenberg says. “We had been leaning toward office from the beginning, in 2014 when we secured the police station but we didn't decide until 7359 Wisconsin and 4630 Montgomery Lane were in place.”
“We decided it was the best office site in Bethesda. Also there will be significant lease rollovers when we are delivering.”
The project will be completed in early 2021.
StonebridgeCarras plans to release its development plans for the project later this summer. It is in the process of deciding what the remaining use will be. Firstenberg says it doesn't have any pre-leases or serious commitments for the office space.
Financing for the project is being provided by United Bank.
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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.
