MRP Realty and Rockpoint Group announced this week that the joint venture has sold two of the three buildings that make up Bethesda Crossing in Bethesda, Maryland for an undisclosed sum. J.P Morgan Asset Management purchased the two office towers in the office complex, formerly known as the Air Rights Center. MRP will retain ownership of the facility's office building at 4550 Montgomery Avenue and continue as the property manager at the Wisconsin Avenue building, known as the Wisconsin Towers.
"The sale of Bethesda Crossing is another step forward in our committed strategy of acquiring well- located, urban-infill assets and renovating, repositioning and rebranding them into premier office and residential properties," said MRP Managing Principal Bob Murphy in a press release. "It's a significant enhancement in the overall tenant experience for our occupants and further drives home our commitment to creating additional investment value for our investor partners."
MRP and Rockpoint bought the property in January 2013, then invested almost $30 million in renovations. "The investment we made in Bethesda Crossing allows us to take advantage of its irreplaceable location in the heart of Bethesda," Zach Wade, principal of MRP Realty, said in a press release. "Bethesda Crossing was already a strong office product, and we have added value to current and future tenants through this modernization process."
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