May 26, 2016 – Carr Properties announced today the acquisition of 7272 Wisconsin Avenue, Bethesda, MD, a 163,000 square foot, 4-story office property in the Central Business District of Bethesda from an entity controlled by the American Society of Health-System Pharmacists. The purchase price for the property was $105,500,000. Carr intends to redevelop the property into a high quality mixed use development project that will include office, residential and retail uses in excess of 900,000 square feet. Additionally, the development will incorporate the new Bethesda Purple Line Station, a new entrance to the Metro Red Line and a below grade tunnel for the Capital Crescent Trail. “We believe that the Apex site, as redeveloped, will be the new commercial hub of the Bethesda market with unparalleled access to public transportation, bike trails and the thriving restaurant and retail of Bethesda Row. We could not be more excited about this opportunity for our company,” said Oliver Carr, III, Carr Properties’ CEO. In a related transaction, the American Society of Health-System Pharmacists will be relocating its headquarters to Carr’s recently developed LEED Platinum office building located at 4500 East West Highway in Bethesda.
About Carr Properties
Carr Properties is a privately held real estate investment trust focused on creating value for its shareholders through the ownership, acquisition and development of high-quality office properties in the greater Washington area. The company maintains ownership of 17 commercial office properties totaling over 4 million SF as well as four major development properties – Midtown Center in Washington, D.C. (former headquarters of The Washington Post); the Apex site in Bethesda, MD; 2311 Wilson Boulevard in Arlington, Virginia; and 2025 Clarendon Boulevard in Arlington, Virginia. Upon completion, these projects will add an additional 2.15 million SF of trophy-quality office space to the company’s portfolio. The company is continuing to expand its portfolio through strategic investments in the Washington area.