{"id":1004032348,"date":"2011-09-14T10:33:30","date_gmt":"2011-09-14T18:33:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032348"},"modified":"2025-02-25T00:05:14","modified_gmt":"2025-02-25T08:05:14","slug":"brookfield-office-properties-spends-150m-for-3-bethesda-metro-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-office-properties-spends-150m-for-3-bethesda-metro-center\/","title":{"rendered":"Brookfield Office Properties Spends $150M for 3 Bethesda Metro Center"},"content":{"rendered":"<p><strong>September 14, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/091411-3-Bethesda-Metro-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004032349\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/brookfield-office-properties-spends-150m-for-3-bethesda-metro-center\/091411-3-bethesda-metro-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/091411-3-Bethesda-Metro-Center.jpg\" data-orig-size=\"480,351\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"091411 &#8211; 3 Bethesda Metro Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/091411-3-Bethesda-Metro-Center.jpg?w=480\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/091411-3-Bethesda-Metro-Center.jpg\" alt=\"\" title=\"091411 - 3 Bethesda Metro Center\" width=\"150\" height=\"150\" class=\"alignright size-thumbnail wp-image-1004032349\" \/><\/a><\/p>\n<p>Bethesda, Md., \u201cis not a submarket that has a lot of buildings that trade,\u201d according to Holliday Fenoglio Fowler L.P. senior managing director Jim Maisel. So it\u2019s certainly of note when the 17-story, 368,400-square-foot 3 Bethesda Metro Center changes hands \u2013 which it just did, having been purchased by Brookfield Office Properties, Inc., for $150.1 million. HFF marketed the building on behalf of the seller, Meridian Group. <\/p>\n<p>\u201cWe marketed the property for 30 days,\u201d Maisel told <em>Commercial Property Executive<\/em>, \u201cand there was good interest. When properties come up [in Bethesda], you get a lot of attention.\u201d <\/p>\n<p>The Class A office building sits adjacent to the Bethesda Metrorail Station and one block from Bethesda Row, an upscale retail area. Office space is 93 percent leased to tenants including the Bureau of National Affairs, Bank of America and Merrill Lynch. The site also has capacity for future development. But with two of those tenants \u2013 the government and BoA \u2013 having recently announced cutbacks, what\u2019s going to happen to the leasing arrangements? <\/p>\n<p>\u201cWe\u2019ve not seen a slowdown,\u201d Maisel said. \u201cThese things take a long time \u2013 it\u2019s like turning an aircraft carrier. People look at stats, but the reality is that it takes a long time to trickle down into specific markets. In fact, Walter Reed just relocated to Bethesda, so it will have the opposite effect,\u201d he said, referring to the recent combining of the Walter Reed Army Medical Center with the Bethesda Naval Hospital. <\/p>\n<p>An Avison Young report notes that metropolitan Washington is the healthiest market the firm monitors, with an overall vacancy rate of 11.8 percent, down 70 points from mid-year 2010. A Jones Lang LaSalle report asserts a similar outlook, noting that Bethesda has continued to demonstrate strong fundamentals, with rents equal to or exceeding pre-recession levels and holding vacancy rates among the lowest in the region. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 17-story, 368,400-square-foot 3 Bethesda Metro Center has changed hands, with Brookfield Office Properties spending $150.1 million to purchase it from Meridian Group. <\/p>\n","protected":false},"author":1201,"featured_media":1004032349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,21747,1615],"tags":[],"class_list":["post-1004032348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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