Guardian Realty has purchased 7235 Wisconsin Avenue in downtown Bethesda, via a shell LLC entity. It acquired the vintage 1950 office building for $8,100,000 in late May, according to Maryland real estate records. The property is across from the future Purple Line station at 7272 Wisconsin Avenue.
Now that the building has changed hands,
PNC Bank's lease is not being renewed at this location. The longtime branch, which dates back to the Riggs Bank era, will close on August 16, 2019 at 3:00 PM.
You be he interested to know that the 7200 Wisconsin office building, owned by JBG Smith, is currently building out a new PNC Bank space in the long vacant lower portion of the office building that fronts on Wisconsin. This space fronts on both Wisconsin and the north side of the privately owned public space at the corner of Wisconsin and Bethesda Avenue. They have recently cut in a new doorway on the Wisconsin frontage, likely allowing access to the bank while the adjacent plaza is being renovated.
ReplyDeleteThe renderings for the remodeled plaza show two outdoor dining areas that could eventually flank the plaza and primary building entrance on the north and west side. Like the new Chase Bank, it looks like JBG Smith is opting to lease the space to yet another branch bank, at least in the short term.
On a more positive note, with this move, the developer on the east side of Wisconsin now controls the entire street frontage from Willow to Elm, mostly occupied by a seven story office building with retail in the base. This site is zoned for up to 250’ so I would think we might see another tear down and a new 22-25 story tower on that frontage in the future. Being directly across from the new Red Line and Purple Line entrances should make this large assembly of parcels, with three street frontages, extremely valuable.
LOL @ shell entity LLC. Everyone in the commercial real estate business buys assets through a LP or LLC BTB...
ReplyDelete7:06 AM Source is public real estate records and no one else reported the sale along with the bank closing :)
ReplyDelete7:38 AM
ReplyDeleteAgain, public real estate records. And no mention of PNC bank closing anywhere else :)
6:09 AM
ReplyDeleteIt will be a while before any redevelopment, if it happens at all. 7201 Wisconsin is nearly fully occupied and was recently renovated. Guardian has already stated that it was a long-term hold. There would have to be an incredibly strong business case to redevelop it.
Also, while I sometimes scoff at claims of "historical" preservation, the Riggs building at 7235 is probably the most attractive/best preserved historical structure in all Bethesda, and should be spared from demolition.
(On a side note, this has to be the most random location for a Modell's)
Great location for modell's for those of us who use transit.
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