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TIAA-CREF Trades Air Rights Center to MRP/Rockpoint JV

January 11, 2013
TIAA-CREF found a purchaser for the Air Rights Center, its 688,717-square-foot office complex in downtown Bethesda, MD. MRP Realty and Rockpoint Group LLC partnered to acquire the three properties and a development site for an undisclosed price.

The portfolio includes the Air Rights North Tower, a 12-story, 357,061-square-foot office building at 4550 Montgomery Ave.; the 13-story, 221,881-square-foot West Tower at 7315 Wisconsin Ave.; and the 10-story, 109,775-square-foot East Tower also at 7315 Wisconsin.

The structures were built between 1964 and 1980 and are 93 percent leased. The tenant roster is led by Abt Associates Inc., Calvert Group Ltd. and Child Trends Inc.

The parcel at 7300 Pearl St., which currently has a 23,020-square-foot building, is site plan approved for 150,000 square feet of office space.

William Collins, Paul Collins, Drew Flood and James Cassidy of Cassidy Turley were the listing brokers. The joint venture was self-represented.

TIAA-CREF is a financial and retirement services organization with $495 billion in assets under management.

Rockpoint is a Boston-based real estate investment management firm, and MRP is a real estate operating company focused on the Washington, DC, area.

See CoStar COMPS #2641844 for more information.
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