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News release

BETHESDA, MD

JLL Wins Leasing Assignment for North Bethesda Place I & II in North Bethesda, Maryland

New owner Hines plans capital improvement program, comprehensive repositioning


BETHESDA, MD, Mar. 3, 2016 - International real estate firm Hines has awarded JLL the exclusive agency leasing assignment for North Bethesda Place I & II in North Bethesda, Maryland, a two-building office complex totaling 345,567 square feet. Hines is planning to renovate the buildings to accommodate accelerated demand for high-quality, transit-oriented office product in the close-in suburban markets of Washington, DC. 

North Bethesda Place I & II are ideally located within the heart of the Pike District, an area that is transforming into a thriving and diverse mixed-use urban center. With an increased emphasis on walkability and amenities, this location capitalizes on value-conscious tenants who are seeking superior office space and convenient transit alternatives but are priced out of the Washington, DC, and downtown Bethesda markets. The properties’ tenants currently include the National Cancer Institute, JBS International and Whole Foods Market. Hines is embarking on a multi-year capital improvement program that will complement recently completed renovations aimed at capturing a wide variety of tenants.

JLL Managing Director Bernie McCarthy along with Senior Vice President Amanda Davis will manage this assignment on behalf of the firm.

“The North Bethesda Place I and II office complex is directly adjacent to the retail amenities offered at the North Bethesda Market, which has a Whole Foods, multiple restaurants, a Starbucks and a national fitness chain,” said McCarthy. “The upgrades planned at this property, combined with its proximity to transit and retail, will make North Bethesda Place I & II an attractive option for tenants seeking high-quality office space with a strong amenity base.”

About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties, representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.