Here's a look at the progress on StonebridgeCarras' Avocet Tower office building and AC Hotel project at the corner of Wisconsin Avenue and Montgomery Avenue in Bethesda. As you can see in the photo above, the suspended public art sculpture was installed above the ground-level plaza this past week. Delivery of the project is expected this fall.
I hope for their sake all the new office tower lease agreements are ironclad. Lease rates have surely plummeted, especially in very high vacancy areas like downtown DC and Tysons.
ReplyDeleteHere is the previous building being demolished, two years ago.
ReplyDeletehttps://www.youtube.com/watch?v=59FvOizwj-8
CRE development is all about timing....and this building is delivering at probably the worst possible time. Hopefully it won't be empty when it delivers.
ReplyDeleteJust a year earlier it would have probably been fully leased at $65-75 psf rents (see: Wilson Building and 4747 Bethesda Ave).
There was a rumor that a certain large downtown Bethesda tenant would be relocating here, but given the events of the last year, who knows?