Roadside Development and Hudson Bay Capital have acquired Bethesda Towers, a roughly 600,000 SF, three-building office campus in downtown Bethesda.
The property, located at 4330 East-West Highway, sits in a prominent transit-connected location near Bethesda Row, the Capital Crescent Trail, Bethesda Metro Station, Marriott International’s global headquarters, NIH, Suburban Hospital, and other major employers. BizJournals reports thenproperty has an assessed value of roughly $86 million, but a sale price is not yet known.
Roadside, a Washington, D.C.-based real estate investment and development firm known for retail-driven mixed-use and adaptive reuse projects, said it plans to strategically reposition the Bethesda Towers campus over time. The firm pointed to its experience with projects such as City Ridge in Northwest D.C. as part of the vision for the property.
“This is a truly exciting opportunity for us to do what we do best. The Bethesda Towers campus presents a large-scale parcel with the potential to become a unique and transformative place at the gateway to Bethesda,” said Jeff Edelstein, President of Roadside Development. “We’ve had our eye on the property for quite some time and it will be a great collaboration with our partners at Hudson Bay Capital.”
Moore & Associates, the seller, will continue to oversee property management. Roadside said the property’s connection to both East-West Highway and Montgomery Avenue, along with its walkability and proximity to major destinations, makes it a strong fit for the company’s portfolio of transit-oriented assets in established urban markets.
“Bethesda continues to be an exceptional place to live, work and raise a family,” said Rob Wolcheski, Partner at Roadside Development. “We’re in the beginning stages of conceptualizing what comes next for the property and we look forward to sharing our vision with the community.”
