Forbright Bank has now paid $36 million to officially acquire Chase Tower in Chevy Chase, according to newly recorded land records first reported by Maryland Newsletters.
The purchase gives the Montgomery County-based bank ownership of the 12-story office building at 4445 Willard Avenue, where it has maintained its headquarters since 2020. The deed identifies the buyer as Fletch LLC, an entity tied to Forbright Bank.
The property totals roughly 245,000 square feet, including 227,000 square feet of office space and 18,000 square feet of retail space. The building was purchased from a partnership affiliated with JBG Smith.
Earlier this month, Forbright announced the acquisition but did not disclose the sale price at the time. The newly recorded deed confirms the transaction closed for $36 million.
Forbright previously said the acquisition would allow the company to turn rent payments into an owned asset while reducing long-term lease risks and giving the bank flexibility to grow its footprint over time. The bank also said it plans to lease portions of the building that it does not currently occupy.
In addition to serving as Forbright’s headquarters, the building includes a ground-floor Service Hub for in-person banking services. The company has also said it intends to modernize portions of the property and invest in technology upgrades as part of its long-term plans for the building.
R3 Ventures is co-investing in the property and will serve as asset manager, while JBG Smith will continue as property manager. Cushman & Wakefield advised Forbright on the transaction.
