Trophy office tower in Bethesda, Maryland, changes hands
JLL Capital Markets led the sales efforts for the office building at 4747 Bethesda Ave. in the heart of downtown
WASHINGTON, D.C., May 16, 2023 – JLL Capital Markets announced today that it has arranged the sale of 4747 Bethesda Ave., a 300,508-square-foot, trophy office building in the heart of downtown Bethesda, Maryland, on behalf of the seller, JBG Smith.
Built in 2019, 4747 Bethesda Ave. is an iconic asset that is 98% leased to a diversified tenant roster and serves as the headquarters location for JBG Smith. The LEED Gold and Fitwel-certified building offers new construction and a best-in-class amenity package highlighted by a rooftop lounge, state-of-the-art fitness facility and a penthouse conference room with floor-to-ceiling glass windows.
The property has a gateway location adjacent to Bethesda Row, which features more than 70 retailers, restaurants, and entertainment venues. Additionally, the property is walkable to mass transit, including the Red and future Purple Lines, which connect tenants to the Greater Washington, D.C. metropolitan area.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jim Meisel, Matt Nicholson, and Andrew Weir, Senior Director Dave Baker and Director Kevin Byrd.
“4747 Bethesda Avenue offers exactly what tenants are looking for in today’s environment - wellness-focused amenities, efficient floorplans that maximize natural light and promote productive collaboration and a contemporary sophisticated appeal – and the brand-name credit tenancy investors seek,” Meisel said.
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JBG Smith
JBG SMITH owns, operates, invests in, and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, D.C. metropolitan area. Approximately two-thirds of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's new headquarters; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket’s proximity to the Pentagon; and JBG SMITH’s deployment of next-generation public and private 5G digital infrastructure. JBG SMITH's dynamic portfolio currently comprises 15.0 million square feet of high-growth office, multifamily, and retail assets at share, 98% of which are Metro-served. It also maintains a development pipeline encompassing 9.8 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit jbgsmith.com.