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Saul Centers is buying a 50-year-old Downtown Bethesda office building with a potential mixed-use development in mind.
The Bethesda-based REIT announced in its Q1 earnings report it is under contract to buy 7316 Wisconsin Ave. NW for $35.5M from Chevy Chase Land Co., the Washington Business Journal reports.
The five-story office building, at the corner of Wisconsin Avenue and Elm Street, was built in 1969. Saul Centers noted in its earnings report that the approved Bethesda Downtown Plan allows for a mixed-use development on the property with 325 units and 10K SF of retail space.
The property sits two blocks south of the Bethesda Metro station. It is across the street from Carr Properties' 937K SF Apex Building development, which will sit atop the future western terminus of the Purple Line. One block north, StonebridgeCarras is planning a mixed-use project with a 390K SF office building and a 219-room AC by Marriott hotel.
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