Done Deals: JLL closes $45.4 million sale of 125,108-SF office building in Bethesda, MD

Saturday, July 20, 2019

JLL closes $45.4 million sale of 125,108-SF office building in Bethesda, MD

The Fairmont Building, a 125,108-SF boutique office
building at 7735 Old Georgetown Road
in downtown Bethesda, MD

WASHNGTON, DC – 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.

Jim Meisel

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.

Andrew Weir

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.

Matthew Nicholson

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.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. [or Jones Lang LaSalle Americas (IL) LP for Illinois properties.

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.