Attributes
Year Built | 1975 |
Building Area Net |
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Land Area Net |
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Occupancy | 87.0 % |
Asset Description
Jones Lang LaSalle (“JLL”), as exclusive representative for the Owner, is pleased to present this offering for 7101 Wisconsin Avenue ("the Property"), a 249,781 BRSF, Class A office building located in Washington, DC’s renowned Bethesda submarket. 7101 Wisconsin is 87% leased to 19 tenants with 6.8 years of Weighted Average Lease Term (“WALT”). The Property’s entrenched tenancy presents an attractive blend of stability and term as well as value creation through lease up and continued amenitization.
The Wilson (Carr Properties’ 361,000 SF trophy office space) and Marriott’s International Headquarters will transform the submarket, with Marriott alone bringing 3,500 associates and $2.3 billion of business activity within the first year of its opening. These developments, along with recent updates to the Bethesda master plan, will elevate downtown Bethesda from a perennially top performing national submarket into a premier global submarket. Trophy office developments will attract world class tenants to Bethesda, as office occupants continue to seek Bethesda’s renowned live-work-play environment and Metrorail access at a more accessible price-point compared to top-line rents in the submarket.
The Property stands to be an immediate beneficiary of this evolution. The Property is a mere 3 blocks from the 78 stores and restaurants of Bethesda Row, featuring national staples like Joe & the Juice and Sweetgreen, as well as premier shopping options including Apple, Lululemon, and The North Face. The Property is also just 2 blocks from the future Bethesda Purple Line station (opening in the fall of 2026), which will provide service from Bethesda to New Carrollton, as well as access to Green and Orange Lines. The new entrance will be connected to the Bethesda Metrorail Station by way of an elevator and a short passageway, ensuring immediate Red Line accessibility. The Bethesda Metrorail Station is also roughly 5 blocks from the Property and provides access to downtown Washington, DC, and the broader metropolitan area.
The Property’s small block availability, coupled with the opportunity for additional spec suite buildout and amenitization, places the Property within a unique subset of downtown Bethesda office. Potential investors will be the beneficiaries of the ongoing development of placemaking retail and luxury residential, while 7101 Wisconsin’s diversified rent roll will offer the occupancy, term, and attractive cash yields to bridge today’s investor to the Bethesda of tomorrow.
Investment Highlights
- 249,781 BRSF Class A Office
- 87% Leased to 19 Tenants with 6.8 Years of WALT
- Durable & Diversified Cash Flow in a Yield-Starved Environment
- Small-Suite Availability Coupled with Potential for Further Amenitization
- Permanent Demand Drivers: 15.5MM SF Bethesda Office Market Includes HQ for The National Institutes of Health (NIH), Marriott International, and JBG Smith
- Premier Bethesda Location - Gateway Accessibility Avoiding Metro-Center Congestion
- Infill Location in High Barrier to Entry Submarket
- Unparalleled Amenity Access in the Heart of Bethesda's Acclaimed Live-Work-Play Environment - Just a Short Walk from Bethesda Row and Woodmont Triangle
- Attractive Opportunity Below Replacement Cost
- Free and Clear of Existing Debt