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Marriott International signs lease at 7750 Wisconsin Avenue; committed to Montgomery County
BETHESDA, MD July 26, 2017 – JLL today announces the completion of a more than two-year search for Marriott International's (MAR) new corporate headquarters with a signed lease at 7750 Wisconsin Avenue, located a short walk to the Bethesda Metro station. The $600 million project includes a 22-story build-to-suit office space to be developed in a joint venture between The Bernstein Companies and Boston Properties and a more than 230-room flagship hotel to be owned by The Bernstein Companies and managed by Marriott International. Both the office building and the hotel are set to deliver in 2022. Marriott has been at their current headquarters, located at 10400 Fernwood Road in Bethesda, since 1978 and has been a fixture in the Greater Washington area for over 90 years.
"This is a massive win for all stakeholders involved – Marriott will get a state-of-the-art workspace for their 3,500 associates with access to the bustling, urban Bethesda environment, the new development will generate $2.3 billion annually, in addition to countless jobs created by the construction of the project and ongoing management of the building and hotel, and Montgomery County gets to keep one of its most historic companies," says JLL. "We have been working with the Marriott team since 2015 and were determined to find the right fit for their new headquarters which fulfilled all of its requirements for the next chapter of this dynamic, publicly traded community cornerstone. With the dedication and partnership of The Bernstein Companies and Boston Properties, we were all able to create the best solution."
The new office headquarters will house cutting-edge workspace features including state-of-the-art technology, modern amenities, abundant light, flexible and collaborative spaces and access to multiple transportation options. It will also include a childcare facility, fitness center and cafeteria.
JLL's team of 14 professionals, across multiple business lines, was led by Robb Johnson, Morgan Sullivan, Chris Molivadas, Jim Cahill and Ken Sacco. Chris Molivadas and Greg Lubar also led full teams for PDS and Business Incentives.
For more information about the Marriott headquarters project, please visit: http://www.mhqbethesda.com/. For more information about JLL, please visit: http://www.jll.com/Washington-DC/en-us.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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