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Hines Buys 345,000-SF North Bethesda Office Complex From JBG

Houston Investment Firm Acquires North Bethesda Place I and II Along Rockville Pike
February 8, 2016
Hines, a privately-owned global real estate investment firm headquartered in Houston, struck a deal with Chevy Chase, MD-based The JBG Cos. to acquire the North Bethesda Place I and II buildings in North Bethesda, MD for an undisclosed price.

North Bethesda Place I and II are two adjacent office buildings that total 345,567 square feet along Rockville Pike and across from White Flint Mall in Washington, D.C.'s North Bethesda/Potomac market.

Place I totals 160,846 square feet over eight stories at 11400 Rockville Pike, while Place II measures 184,721 square feet over 11 stories at 5515 Security Ln. The properties have a blended occupancy rate of 49% with a current combined tenant roster that includes JBS International, the National Cancer Institute and Whole Foods Market Group Inc.’s regional headquarters.

Although renovated just last year, Hines plans to execute its own improvements at the office complex in the near future, which will include the addition of a fitness center and conference center as well as the continuation of upgrades to restrooms and lobbies.

Eric Berkman and Juliana Ko of Cushman & Wakefield represented JBG in this transaction, while Scott Martinson and Mark Clegg represented Hines in-house.

For more information on this transaction, please see CoStar Comp #3502425.

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