Leasing Transaction of the Year - Under 75,000 SF
Host Hotels & Resorts, 4747 Bethesda Ave.
In the summer of 2017, JBG SMITH broke ground on a brand-new 280,000 SF trophy office building in the heart of downtown Bethesda at 4747 Bethesda Avenue.
After a through market search, Host selected 4747 Bethesda as the preferred location with a 16.5 year lease for 55,000 square feet. However, they were 1 of 3 anchor tenants pursuing a deal at the site. Further, the building’s targeted delivery date of summer 2019 was well in advance of the Tenant’s 2022 lease expiration, posing a challenge to the deal structure. The deal teams worked quickly and creatively to structure an economic deal with a successful outcome for all parties, and to give Host anchor tenant status in the building, while still allowing the Landlord to land two other anchor preleases simultaneously. Dave Ritchey and Andrea Murray represented JBG SMITH and Host Hotels & Resorts was represented by Lou Christopher, Jordan Brainard and Brad Wilner of CBRE.