Downtown Bethesda Office Owners Get $103.5 Million Loan
Team behind 12-story Montgomery Tower secured the financing deal from an unnamed bank
The Montgomery Tower, via MRP Realty
The owners of a downtown Bethesda office building this week announced a $103.5 million financing deal about four months after selling off two other buildings in the same complex.
MRP Realty and the Rockpoint Group, along with commercial real estate firm DTZ, secured the loan from an unnamed bank for the Montgomery Tower at what DTZ’s John Campanella called “very aggressive pricing.”
The 12-story building at 4550 Montgomery Ave. is one of three office buildings in the former Air Rights Center, which MRP rebranded as Bethesda Crossing when it bought the properties in 2013.
MRP and Rockpoint also completed a $30 million renovation of the complex in 2014, bringing in new tenants such as office share company UberOffices in the Wisconsin Towers on Wisconsin Avenue.
MRP and Rockpoint then sold the two Wisconsin Towers to J.P. Morgan Asset Management in April, though MRP’s management division continues to operate all three office buildings.
Montgomery Tower achieved a “gold” certification from the U.S Green Building Council’s Leadership in Energy & Environmental Design program through the renovations and its 366,000 square feet of office space is 93 percent leased with tenants including Abt Associates and Calvert Shareholders.