Leasing Transaction of the Year - MD
Maryland Leasing Transaction of the Year - Marriott International, Inc. Headquarters Relocation
Marriott’s commitment to stay in Maryland signifies the largest private sector real estate deal ever completed in Maryland. This deal reinforces and continues Marriott’s legacy as a leader in the area for years to come.
First, this will be transformational for Marriott. This stunning new Class A office building will enable Marriott to consolidate its two HQ operations in a vibrant, walkable urban neighborhood in the heart of Bethesda. Second, this deal will single-handedly breathe new life into the Bethesda CBD while preserving the heart and soul of many of the city’s beloved institutions. The adjacent flagship full-service Marriott hotel, with its food and beverage outlets, rooftop lounge and bar, and meeting and event space, will enhance the leisure and business travel. Third, the project will deliver a significant mixed-use commercial project in the Wisconsin Avenue Corridor that enhances the County’s commercial tax base and creates employment opportunities and prospects for the surrounding retail/service establishments.
Additionally, the project allows Montgomery County to retain its largest private employer in the core of downtown Bethesda and is expected to accommodate approximately 3,500 direct or contract employees for the office building component. The headquarters project will include an 825,000-square-foot, 300-story office building to be developed by Boston Properties at 7750 Wisconsin Ave. and a 230-room, 12-story Marriott hotel developed by Bernstein at 7707 Woodmont Ave. Marriott was represented by JLL’s Robb Johnson, James Cahill, Morgan Sullivan and Chris Molivadas.