Forbright Bank Buys Suburban DC Office Building

May 4, 2026

Office Corporate Real Estate Investment Mid-Atlantic More News Washington D.C.

The firm had previously leased space in the tower for its headquarters.

Forbright Bank has acquired Chase Tower, a 12-story office tower in Chevy Chase, Md., that houses the bank’s headquarters. The previous owner was German investment firm WealthCap, according to Yardi Matrix.

The property, developed in 2001, includes 227,000 square feet of office space and 18,000 square feet of retail space, as well as a below-ground parking structure. The building is LEED Silver-certified and is transit-oriented, within walking distance of the Friendship Heights Metro station. The building has been the Forbright Bank’s headquarters since 2020.

Forbright Bank, originally established as Congressional Bank in 2003, rebranded itself in 2022. Forbright specializes in middle market lending and digital consumer banking. The bank holds about $7 billion in assets.

The firm said in prepared remarks that owning Chase Tower allows Forbright to convert rent payments into an owned asset while eliminating long-term lease rollover risk. The deal also provides the bank with flexibility to expand its footprint as it grows.

As landlord, the bank will continue to lease space to third-party tenants and will make upgrades to the building’s technology and spaces. Investment firm Enlightenment Capital is a tenant in the building and plans to expand its space. In addition to its headquarters at Chase Tower, Forbright operates a service hub on the ground floor to provide in-person services.

R3 Ventures will co-invest and serve as asset manager for the building. JBG Smith will remain as property manager, providing continuity of service for existing and prospective tenants. Cushman & Wakefield advised Forbright during the transaction.

Office buyers like D.C.

Forbright is hardly alone in its move to buy a piece of D.C.’s office market. Investment volume in metro D.C. in 2025 was roughly $3.8 billion, the third-highest volume nationally among the 10 major markets, according to a Yardi Matrix report.

The only other markets that outpaced D.C. were Manhattan at $7.8 billion and the Bay Area at $4.8 billion. D.C. is also a relative bargain, with assets trading for an average of $172 per square foot, $20 below the national figure.

One of last year’s major office trades in the D.C. market involved a company buying a building for its own use. In April 2025, Exelon Corp. acquired 701 Ninth St. NW in the district, which is the headquarters of its Pepco Holdings subsidiary. Brookfield Properties sold the asset for $175 million.