JLL closes $45.4M sale of 125,108 SF office building in Bethesda
The building is in the top-performing Bethesda submarket
WASHNGTON, D.C., July 15, 2019 – JLL announces that it has closed the $45.4 million sale of the Fairmont Building, a 125,108-square-foot, boutique office building in downtown Bethesda, Maryland.
JLL marketed the property on behalf of the seller, Bainum Family Foundation, a private operating foundation based in Bethesda. Washington Capital Management, on behalf of their client, purchased the asset.
Located at 7735 Old Georgetown Road, the Fairmont Building is in the top-performing Bethesda submarket and surrounded by 160 restaurants and shops within the live-work-play Woodmont Triangle area. Additionally, the property’s downtown Bethesda location places it proximate to Bethesda Row and some of Washington, D.C.’s most coveted residential neighborhoods. The Fairmont Building is less than four blocks from the Bethesda Metro Station, which provides Red Line service to downtown D.C. and Metro access to the entire region. A future Bethesda Station with Purple Line access is a short walk from the property and will further increase Bethesda’s regional connectivity. The 12-story building is ENERGY STAR® rated and 96% leased to a diversified tenant roster. The Fairmont Building features a six-level parking garage along with versatile floor plates.
The JLL Capital Markets team representing the seller was led by senior managing directors Jim Meisel and Andrew Weir, senior director Matthew Nicholson and director David Baker.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Washington Capital Management
Washington Capital Management, Inc. (WaCap) is an employee owned investment advisory firm founded in 1977. WaCap is headquartered in Seattle, Washington, with branch offices in Portland, Boston, Spokane, Southern California and Northern California. WaCap manages assets in real estate equity, real estate debt, fixed income and equity strategies; primarily for institutional clients. WaCap provides a diverse menu of investment products, including equity real estate investments, commercial mortgages, and construction loans. Visit www.wcmadvisors.com.