Monday, March 31, 2014


A potentially prime piece of downtown Bethesda real estate is for sale. The mixed-use building at 7809 Woodmont Avenue - the primary tenant of which is EagleBank - is on the market for an asking price of $7,200,000. It has several strong points for a prospective owner.

First, in a weak office market, the relatively small building is fully-leased. Second, it is conveniently located within walking distance of Metro, and many restaurants, shops and amenities. But, most significantly, the lease of EagleBank is up in 2015. While the lease expiration date of the other 3 tenants in the building is unknown, if they are not long-term leases, 7809 represents a tremendous redevelopment opportunity. A buyer with even more patience might try to reach agreement with adjoining property owners. Such a transaction could allow a mixed-use project of at least 17 stories on the current block, and perhaps even higher under the now-underway sector plan rewrite.

Meanwhile, longtime Chevy Chase Lake restaurant Tavira is on the market, as well. In this case, it's the business that's for sale, not the building. The Portuguese and Mediterranean cuisine restaurant in the unassuming office building on Connecticut Avenue has made several area Top Restaurant lists.

Why is Tavira closing? The owner is moving out of state.

No comments: