Forbright Bank announced it has purchased Chase Tower, the 12-story building that houses its headquarters at 4445 Willard Avenue in Chevy Chase. A purchase price was not made available.
The acquisition gives Forbright long-term control of its headquarters space as the bank continues to grow as a digital bank and nationwide middle market lender. The building includes 227,000 square feet of Class A office space, 18,000SF of neighborhood retail space, and a below-ground parking structure.
Forbright has been headquartered at Chase Tower since 2020 and also operates a Service Hub on the ground floor for in-person customer services. “Montgomery County, Maryland is a great place to start and build a business and raise a family,” said John Delaney, Founder and Executive Chairman of Forbright Bank. “Forbright is excited to double down on our commitment to the community and the exceptional pool of talent here.”
The bank said owning the building allows it to convert rent payments into an owned asset while reducing long-term lease risk and giving the company flexibility to expand its footprint. Forbright also plans to lease space to third-party tenants while making technology upgrades and modernizing parts of the building. “Forbright is committed to creating a headquarters environment that reflects who we are as a company—innovative, creative, and forward-looking,” said Don Cole, CEO of Forbright Bank. “By owning Chase Tower, we can invest for the long term in a modern, flexible workplace that supports our people and our clients.”
R3 Ventures will co-invest and serve as asset manager for the building. JBG SMITH will serve as property manager, and Cushman & Wakefield advised Forbright on the transaction.
