greening D.C.

Akridge/Rockwood JV Would Give Momentum to the Redevelopment of Downtown Bethesda with the Winning Bid for 7550 Wisconsin Avenue

The sale of 7550 Wisconsin Avenue in Bethesda, Maryland by the U.S. General Services Administration (GSA) was viewed as a “strategic acquisition” upon the announcement of the sale.  The property had served as an office building for the National Institutes of Health (NIH) and had been vacant for eight (8) years, drawing the attention of Congressman John Mica (Florida), Chairman of the House Transportation and Infrastructure Committee.   Joined by seven House Republican members, the Committee called for the sale of underutilized real estate assets held by federal agencies.  Working with members of Congress, President Obama would advance the sale of excess properties with the Presidential Memorandum, Disposing of Unneeded Federal Real Estate.

At the time of the sale 7550 Wisconsin Avenue was a 120,000 square foot office building with two levels of below-grade parking located in a thriving submarket of Montgomery County surrounded by prime commercial, retail, and upscale housing, less than a block from the Bethesda Metro.  

The office building is 1.3 miles south of NIH and the Walter Reed National Military Medical Center, formerly the National Naval Medical Center, within walking distance or one Metro stop. 

A joint venture between the commercial real estate developer Akridge and Rockwood Capital, LLC was the winning bidder of the 2010 sale.*  In announcing the development opportunity, Akridge/Rockwood Capital JV note that “7550 will become the first essentially-new building to deliver into this thriving submarket since 2001.”  

Construction began in the fall of 2011 with an anticipated completion date in late 2012.   The property would be completely renovated and reskinned into a contemporary Class A boutique office building with sleek glass exterior.  Upon project completion, the office building would offer the only full-service rooftop entertainment space in Bethesda, as well as the market’s only private on-site, all-inclusive fitness facility, with state-of-the-art equipment.  News of the success of the project would continue, “7550 Wisconsin Ave. Gets Six New Tenants,” as reported by Commercial Property Executive, June 16, 2014.

Ginanne Italiano, President and CEO of The Greater Bethesda-Chevy Chase Chamber of Commerce, praised the two companies for their work on 7550 Wisconsin Ave. “The Greater Bethesda-Chevy Chase Chamber is so pleased that Akridge and Rockwood are having such great success.  They took an empty shell and turned it into a true showcase within the core of Bethesda’s downtown.  We are grateful to Akridge and Rockwood for having the vision and foresight to build this beautiful building, adding to the success of our community, which we believe is the best downtown urban center in the region,” he said.

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*After the GSA winning bid, the following good news followed:

Akridge, Rockwood Joint Venture Wins GSA Auction Top Bid of $12.5 Million Takes 7550 Wisconsin in Online Sale, April 9, 2010

7550 Wisconsin Avenue Purchase Named Best Sales Transaction of 2010: GWCAR Award Recognizes Acquisition of Bethesda Property by Akridge and Rockwood, April 15, 2011

PNC PLACE - D.C. 

PNC Financial Services, Inc., in partnership with Vornado/Charles E. Smith, transformed the 167-year old Riggs Bank headquarters at the corner of H and 17th Streets, NW into a 21st century model green design, landing the coveted Platinum certification in the Leadership in Energy and Environmental Design (LEED)

Architect: Gensler

Green Engineering Consultant: Paladino & Co.

Green Rating: D.C.’s first Platinum-level building

Sources:

PNC opens green headquarters, Washington Business Journal, October 6, 2010 

D.C.’S First Design for Platinum-Certified Office Building Unveiled. News Release, WASHINGTON, D.C., June 24, 2008

(via https://www.youtube.com/watch?v=R_j8NLIEjK0)