Sales Transaction of the Year - Regional
Apex Building, Bethesda, MD
Montgomery County and the Maryland Transit Administration approached The American Society of Health-System Pharmacists (ASHP) about selling its 162,614 square foot building at 7272 Wisconsin Avenue in Bethesda. As the MTA’s new Purple Line light rail is planned to intersect the site, the County flagged the site for redevelopment to accommodate the new station and increased density. Through a transaction brokered by Cushman & Wakefield, Carr Properties was the buyer and is planning a three-building complex on the site. Challenges for the transaction team included the need to achieve the pricing needed to deliver adequate proceeds and a suitable relocation for ASHP to continue its mission; negotiating lease terminations or buyouts for the other building tenants; working with the County and Transit Administration to determine incentives and an approved station design; and finally ensuring the protection of the throughway for the Capital Crescent Trail that runs through a tunnel under the building. With Carr Properties buying the property, a relocation site for ASHP became available in one of their new buildings nearby. This downtown Bethesda sale overcame its many challenges and delivers a positive outcome for all involved. Team members include Bill Collins, Paul Collins, Drew Flood and Shaun Weinberg of Cushman & Wakefield.