Two years after buying it, MRP Realty wants to sell the property formerly known as the Air Rights Center

Enlarge Photo

Courtesy MRP Realty

MRP Realty and the Rockpoint Group Inc. are seeking buyers for the three-building Bethesda Crossing, which was formerly known as the Air Rights Center when the partners bought it for about $205 million two years ago.

13 photos

Home of the Day

Sponsor Listing

Daniel J. Sernovitz

Staff Reporter- Washington Business Journal

Email  |  Twitter

Roughly two years after paying $205 million for what was known as the Air Rights Center in Bethesda, MRP Realty and the Rockpoint Group Inc. are looking to sell the three-building complex a block from the Bethesda Metro.

MRP and Rockpoint have retained Cassidy Turley to market the 714,258-square-foot complex now being dubbed Bethesda Crossing after completing a $25 million repositioning and rebranding. The center is 90 percent leased, and while two years might not seem like that much time to own an office complex, bringing it back to the market could be an opportunity to sell for significantly more than the partners paid for the property.

In taking on the 1960's-era complex at 7315 Wisconsin Ave. and 4550 Montgomery Ave., MRP Principal Zach Wade told me he felt Bethesda Crossing had significant potential for improvement with the right kind of renovations. Part of that was based on the buildings' location in downtown Bethesda, and part on the notion that rental rates in the building are about 11 percent below the going rate and could be changed to increase the rent roll.

In addition to adding a host of amenities and mechanical systems, MRP and Rockpoint also upgraded the buildings' facade and window lines to give them a more open feel with more natural light.

It's not the first time MRP and Rockpoint set the stage for a relatively early exit from a property, as they struck a deal to sell Washington Harbour for $370 million in June 2013, roughly three years after buying and renovating that Georgetown center.

Daniel J. Sernovitz covers commercial real estate.