2015 | News

Report: Carr Properties Agrees to Buy, Redevelop Bethesda’s Apex Building

As part of deal, the American Society of Health-System Pharmacists will reportedly move to developer's 4500 East West office building

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The Apex Building at 7272 Wisconsin Ave. in Bethesda

Aaron Kraut

The real estate news website GlobeSt.com has revealed the developer seeking to demolish the Bethesda building that sits on top of the future Bethesda Purple Line station.

GlobeSt.com reported that Washington, D.C.-based developer Carr Properties has agreed to buy the 163,000-square-foot Apex Building at 7272 Wisconsin Ave. for $105.5 million.

The report says that once all existing tenants of the building leave, Carr will demolish the building and build a mixed-use 935,000-square-foot office, housing and hotel project.

The American Society of Health System-Pharmacists (ASHP), which owns the Apex Building and is a tenant, will move to Carr’s recently completed 4500 East West office building in Bethesda, according to the report. Other tenants include a Regal movie theater and the restaurant Food, Wine & Co.

A representative from Carr Properties didn’t return a request Friday morning for comment on the report.

The developer will host a required public information meeting Nov. 30 on the project at Carr’s 4500 East West building.

It’s unclear if the Apex Building would be demolished in time to make way for a more expansive Purple Line station below.

Montgomery County considered but decided against offering an incentive package to convince ASHP to move out of the building and find a redevelopment partner. Razing the Apex Building in time for Purple Line construction would allow the state and a yet-to-be-selected team of private concessionaires to build a second tunnel under Wisconsin Avenue for Capital Crescent Trail users and other desired station features.

Earlier this week, a spokesperson for the Maryland Transit Administration (the agency in charge of the Purple Line) said it would still be possible to build the so-called “optimal” station design provided the redevelopment “adheres to the Purple Line’s current construction schedule.”

Construction on the 16-mile light-rail from New Carrollton to Bethesda could begin as early as next spring.