In-Rel Properties has acquired a 16 story office building located at 7500 Old Georgetown Road in Bethesda, for $29.85 million, according to a report by Commercial Observer.
Per the report, In-Rel acquired the property for $29.85 million in a short sale- significantly less than its previous sale price of $133 million just four years ago. The building, purchased by a joint venture between Rockwood Capital and Stonebridge in 2019, faced financial challenges during the pandemic despite a 2022 renovation. With the building only 40 percent leased, the sale was prompted by the landlords’ remaining $100 million in loans.