BETHESDA, MD–JBG Smith has secured two leases totaling 120,000 square feet for its trophy office under construction at 4747 Bethesda Ave. These anchor tenants are the REIT Host Hotels & Resorts, which is taking 55,000 square feet and management consulting company Booz Allen Hamilton, which has signed a 65,000-square-foot lease. They will join JBG SMITH, which will also be headquartered at the new building when it delivers in Q3 of 2019.
Montgomery County Economic Development Corp. and several Montgomery County departments worked to keep to Host in the county: the Maryland Department of Commerce is providing a $600,000 conditional loan through the Maryland Economic Development Assistance Authority and Fund. Montgomery County is providing a $300,000 conditional grant through its Economic Development Fund. Host Hotels currently occupies space on Rockledge Drive.
Since breaking ground in July 2017, 4747 Bethesda Ave. is now 71% leased, according to EVP David Ritchey. “With two floors remaining, we are now able to entertain proposals from groups with a smaller footprint…” he said in a prepared statement.
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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.
