Buyers of Bethesda's Air Rights Center purchased the massive complex with a Cassidy Turley-secured $150,000,000 loan, it has finally been revealed.
MidAtlantic Realty Partners L.L.C., of Washington, D.C., and Rockpoint Group L.L.C., of Boston bought the valuable air-rights property.
Bethesda history lecture alert!
The complex is so-named for being built on air-rights property once designated as a potential Bethesda mall and town square, parallel to the (unbuilt) Northwest Freeway right-of-way.
When the Georgetown-Tenleytown-Bethesda-Pooks Hill freeway was killed by the Montgomery County Council's inaction, the air-rights became Metro-related. Wisconsin Avenue was just a bridge along that stretch then - hence, the literal rights to build in the air over the B&O railroad right-of-way.
The Apex Building is also an air-rights development.
Without the Northwest Freeway, you enjoy the wonderful rush-hour traffic of Wisconsin Avenue twice each day. Wasn't that smart?
The new owners plan to renovate and expand the complex.
