MRP Realty, developers of commercial, residential and mixed-use real estate across the Washington Metropolitan region, and Rockpoint Group, LLC, a real estate private equity firm, today announced the sale of the Wisconsin towers of Bethesda Crossing, 353,000 square feet of Class A office, to institutional investors advised by J.P. Morgan Asset Management.
The entire complex, consists of three buildings totaling approximately 715,000 square feet of premier Class-A space. MRP Realty and Rockpoint Group purchased the property in January 2013 and invested nearly $30 million in renovations. MRP and Rockpoint will retain ownership of the 12-story Montgomery Tower. MRP Realty will continue to provide property management services for the 13-story Wisconsin Towers.
The transaction closed on April 2nd; the purchase price was not disclosed.
“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,