{"id":1004696496,"date":"2024-01-04T03:43:18","date_gmt":"2024-01-04T11:43:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004696496"},"modified":"2024-01-04T07:44:10","modified_gmt":"2024-01-04T15:44:10","slug":"in-rel-properties-buys-dc-area-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/in-rel-properties-buys-dc-area-office-building\/","title":{"rendered":"In-Rel Properties Buys DC-Area Office Building"},"content":{"rendered":"
\"7500<\/a>

The office building at 7500 Old Georgetown Road underwent significant renovations in 1999. Image by John Cole Photography, courtesy of In-Rel Properties<\/em><\/p><\/div>\n

In-Rel Properties<\/strong> has acquired 7500 Old Georgetown Road in downtown Bethesda, Md., a 16-story, 335,000-square-foot Class A office building.<\/p>\n

The firm paid just under $30 million for the asset, according to CommercialEdge information. The seller, Stonebridge Associates<\/strong>, had acquired it in fall 2019 for $133.7 million.<\/p>\n

The property, which is currently 40 percent leased, marks In-Rel\u2019s first acquisition in the D.C. area. Also known as the Clark Building, it was completed in 1984, renovated in 1999 and is LEED Silver certified.<\/p>\n

\n

READ ALSO:<\/strong> Office Trends in 2024: How Much Will the Sector Change?<\/a><\/p>\n

\n

As its first steps, In-Rel plans to open an onsite management office and undertake an aggressive leasing strategy. Leasing is now being handled by Gwen Dominguez and Ben Powell of Cushman & Wakefield<\/strong>.<\/p>\n

The building is adjacent to Bethesda Station on the Red Line Metro and has 294 underground parking spaces\u2014and for a more unusual transportation possibility, features a rooftop helipad.<\/p>\n

In-Rel specializes in revitalizing troubled office buildings and currently operates in six states with 3.5 million square feet under management.<\/p>\n

Uphill battle?<\/h2>\n

In-Rel faces local market conditions that are mediocre at best, according to a third-quarter report from Cushman & Wakefield. The Maryland suburbs of Washington, D.C., are seeing low or negative net absorption, despite unemployment figures in the region that are well below the national average.<\/p>\n

Two hits to the Bethesda\/Chevy Chase submarket were Microsoft leaving 57,560 square feet at 5404 Wisconsin Ave., as part of consolidating its offices in the region, and the April disbandment of 51-year-old law firm Paley Rothman, which vacated 26,558 square feet at 4800 Hampden Lane, Cushman & Wakefield reported.<\/p>\n

Fortunately, there\u2019s little office product in the submarket\u2019s development pipeline, just one building of 276,000 square feet, about two-thirds preleased by Choice Hotels and Sodexo.<\/p>\n

This past April, Spitzer Enterprises completed its $10 million-plus repositioning of 4800 Hampden Lane<\/a>, a 185,000-square-foot Class A office building in Bethesda. The property is within walking distance of 7500 Old Georgetown.<\/p>\n","protected":false},"excerpt":{"rendered":"

This 16-story tower changed hands for roughly $100 million less than in its previous trade.<\/p>\n","protected":false},"author":882,"featured_media":1004696498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21747,1615],"tags":[32799,35224,40658],"class_list":["post-1004696496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-cushman-wakefield","tag-in-rel-properties","tag-stonebridge-companies"],"acf":[],"yoast_head":"\nIn-Rel Properties Buys DC-Area Office Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"In-Rel Properties has acquired 7500 Old Georgetown Road, an office building in downtown Bethesda, Md., from Stonebridge Associates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/in-rel-properties-buys-dc-area-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In-Rel Properties Buys DC-Area Office Building\" \/>\n<meta property=\"og:description\" content=\"In-Rel Properties has acquired 7500 Old Georgetown Road, an office building in downtown Bethesda, Md., from Stonebridge Associates.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/in-rel-properties-buys-dc-area-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-04T11:43:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-04T15:44:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/7500-Old-Georgetown-e1704367413853.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"899\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/in-rel-properties-buys-dc-area-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/in-rel-properties-buys-dc-area-office-building\/\",\"name\":\"In-Rel Properties Buys DC-Area Office Building - 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