2115 east jefferson
TRANSCRIPT
2115 EAST JEFFERSONNORTH BETHESDA, MD EXECUTIVE SUMMARY
Jones Lang LaSalle, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this opportunity to purchase 2115 E Jefferson Street (the “Property”), a six-story, 128,645 square feet “Boutique Office” building located in the heart of North Bethesda, MD. Positioned as an opportunistic play, the Property’s “EOF” Zoning presents numerous options to reposition the asset. Since its inception, the Property has been single-tenanted and thereby presents an ideal location for a private sector tenant or Government Agency within prospectus rents. The Property is less than 1-mile from the White Flint Metro Station and most importantly, is a 5-minute walk to Pike & Rose, the premier “Live-Work-Play” development of Montgomery County. The unparalleled proximity to Pike & Rose’s vibrant retail, dining, and fitness features affords tenants a unique suburban experience with immediate access to urban amenities. In addition, the Property boasts convenient vehicular access to major thoroughfares including: Rockville Pike (Rt. 355), Montrose Parkway, I-270, and I-495.
Suburban Maryland has become one of the country’s most prominent hubs for medical research, testing, and development. The National Institutes of Health, National Cancer Institute, and The Food and Drug Administration employ over 30,000 people in North Bethesda and the I-270 corridor, in addition to the nearby Shady Grove Life Sciences Center, National Institutes of Standards and Technology, Johns Hopkins University – Montgomery County, and The Universities at Shady Grove. Bolstered by the CARES Act economic stimulus bill, Suburban Maryland continues to grow extensively in terms of both employment and funding. Maryland is the largest recipient of government contract awards related to COVID-19 and is on pace to set record highs for venture capital and grant funding in 2021.
The I-270 corridor possesses a robust amenity base which cultivates a “Live-Work-Play” environment. Moreover, Montgomery County is home to one of the strongest demographic pools in the nation, boasting an average household income of $108,000, a reputation for being one of the top school districts in the country, and the #1 ranked state in STEM employment concentration.
Accordingly, 2115 E Jefferson Street is a compelling investment opportunity that offers an invaluable, metro-accessible location in one of the strongest performing life science markets in the country. An office market set to rebound post-Covid, coupled with a nation-leading life science market, presents potential investors an opportunistic play featuring tremendous demand in Montgomery County’s most appealing location.
THE OFFERING
PIKE & ROSE
2
INVESTMENT HIGHLIGHTSBOUTIQUE OFFICE INSTITUTIONALLY OWNED AND HISTORICALLY LEASED TO THE FEDERAL GOVERNMENT FOR OVER 16 YEARS
IMMEDIATE PROXIMITY TO PIKE AND ROSE, THE PREEMINENT LIVE-WORK-PLAY DEVELOPMENT IN SUBURBAN MARYLAND
LOCATED IN THE HIGHLY AMENITIZED ROCKVILLE PIKE SUBMARKET
MULTI-MODAL ACCESSIBILITY: LOCATED WITHIN A 15-MINUTE WALK TO THE WHITE FLINT METRO STATION AND PROXIMATE TO I-270 AND ROCKVILLE PIKE
NATION-LEADING MONTGOMERY COUNTY DEMOGRAPHICS
DOMINANT I-270 BIOTECHNOLOGY AND LIFE SCIENCES CORRIDOR
SIGNIFICANT DISCOUNT TO REPLACEMENT COST, OFFERING AN ATTRACTIVE OPPORTUNISTIC PLAY
FREE AND CLEAR OF EXISTING DEBT
PROPERTY OVERVIEW
ADDRESS 2115 E Jefferson StreetNorth Bethesda, MD 20852
PROPERTY TYPE Boutique Office
SUBMARKET Rockville Pike
STORIES 6 Stories; 1 Lower Level
RENTABLE AREA 128,645 RSF
FLOOR PLATES ±18,000 SF
BUILT 1981
LAND AREA 5.5 Acres; 239,217 SF
ZONING EOF
CURRENT OCCUPANCY VACANT
PARKING RATIO 2.83/ 1,000 SF
3
TILDE
N LN
NIC
HO
LSO
N L
N
ROCKVILLE PIKE
OLD GEORGETOWN RDMONTROSE PWKY
TWINBROOK PKWY
ROCKVILLE PIKE
WHITE FLINT
WHITE FLINT
KAISER PERMANENTE
U.S. DEPARTMENT OF HEALTH & HUMAN SERVICES
FOOD & DRUGADMINISTRATION
NATIONAL INSTITUTE OF ALLERGY & INFECTIOUS DISEASES
BETHESDA NORTH MARRIOTTHOTEL & CONFERENCE CENTER
NATIONAL INSTITUTE OF MENTAL HEALTH
THE GEORGE WASHINGTON UNIVERSITY BIOSTATISTICS CENTER
INTERNAL REVENUE SERVICE; U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES
U.S. NUCLEARREGULATORY COMMISSION
2115 EAST JEFFERSON
EXECUTIVE BLVD
AMERICAN PHYSIOLOGICAL SOCIETY
5-MINUTE WALK TO PIKE AND ROSE
NATIONAL INSTITUTES OF HEALTH (NIH)
NATIONAL INSTITUTES OF HEALTH (NIH)
MULTI-MODAL ACCESSIBILITY
4
TILDE
N LN
NIC
HO
LSO
N L
N
ROCKVILLE PIKE
OLD GEORGETOWN RDMONTROSE PWKY
TWINBROOK PKWY
ROCKVILLE PIKE
WHITE FLINT
WHITE FLINT
KAISER PERMANENTE
U.S. DEPARTMENT OF HEALTH & HUMAN SERVICES
FOOD & DRUGADMINISTRATION
NATIONAL INSTITUTE OF ALLERGY & INFECTIOUS DISEASES
BETHESDA NORTH MARRIOTTHOTEL & CONFERENCE CENTER
NATIONAL INSTITUTE OF MENTAL HEALTH
THE GEORGE WASHINGTON UNIVERSITY BIOSTATISTICS CENTER
INTERNAL REVENUE SERVICE; U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES
U.S. NUCLEARREGULATORY COMMISSION
2115 EAST JEFFERSON
EXECUTIVE BLVD
AMERICAN PHYSIOLOGICAL SOCIETY
5-MINUTE WALK TO PIKE AND ROSE
NATIONAL INSTITUTES OF HEALTH (NIH)
NATIONAL INSTITUTES OF HEALTH (NIH)
2115 E JEFFERSON STREET IS PROMINENTLY LOCATED WITHIN THE ROCKVILLE PIKE SUBMARKET, NATIONALLY RECOGNIZED AS A GOVERNMENT SERVICE AGENCY HUB. BOASTING EXCELLENT MULTIMODAL ACCESSIBILITY, THE PROPERTY BENEFITS FROM METRORAIL ACCESS VIA THE WHITE FLINT RED LINE METRORAIL STATION AND COMMUTER THOROUGHFARES I-270, I-495, ROCKVILLE PIKE AND OLD GEORGETOWN ROAD. NEARBY MAJOR AMENITY CONCENTRATIONS INCLUDE PIKE AND ROSE (2-MINUTE DRIVE), MONTROSE CROSSING SHOPPING CENTER (4-MINUTE DRIVE) AND NORTH BETHESDA MARKET (5-MINUTE DRIVE). IN ADDITION, THE PROPERTY IS LESS THAN A 10-MINUTE METRORAIL RIDE FROM DOWNTOWN BETHESDA, ONE OF THE PREMIER SUBURBAN LIVE-WORK-PLAY ENVIRONMENTS IN THE UNITED STATES.
5
HIGHLY AMENITIZED ROCKVILLE PIKECRITICALLY ACCLAIMED PIKE & ROSE, LOCATED JUST A 5-MINUTE WALK FROM THE PROPERTY, PROVIDES AN UNPARALLELED AMENITY
BASE FOR THE NORTH BETHESDA SUBMARKET. THIS DESTINATION 3+ MILLION SQUARE FEET MIXED-USE DEVELOPMENT BOASTS OVER
300,000 SQUARE FEET OF RETAIL, 420,000 SQUARE FEET OF OFFICE, 1,700 RESIDENTIAL UNITS AND A 177 KEY HOTEL. IN ADDITION,
BEST-IN-CLASS ENTERTAINMENT FACILITIES, A LUXURY MOVIE THEATRE AND NUMEROUS RESTAURANTS OFFER A TRUE DIFFERENTIATOR
IN THE ROCKVILLE PIKE MARKET.
LIVE
6
WORK
HEADQUARTERS LOCATION
PLAY
7
Reagan Nat'l
Airport
WashingtonDulles
Intl. Airport
BaltimoreWashington
International Airport
FrederickMunicipal
Airport
Ft. BelvoirMilitary
Reservation
AndrewsAir Force
Base
University of Maryland-College
Park
Quantico MarineCorps Base
Naval SurfaceWarfare Center
US NavalOrdinance
Station
Naval SurfaceWeapons Center
Fort Meade
Univ of MarylandBaltimore County
Curtis BayGSA Depot
Sparrows Point IndustrialComplex
Dundalk Marine
Terminal
CCBC Essex
Loudon ParkCemetery
WoodlawnCemetery
MarylandWholesale
Food Center
Johns HopkinsUniv Applied
Physics
RockCreekPark
ArlingtonNational
Cemetary
PatuxentResearchRefuge
Northwest Park Golf
Course
Trotter’s Glen Golf Course
Rachel CarsonConservation
Park
Patuxent RiverState Park
WestFriendship
Park
AlphaRidge Park
Turf ValleyCountry Club
CentennialPark
Patapsco ValleyState Park
RockburnBranch Park
Timbers at Troy
Golf Course
Patapsco ValleyState Park Diamond Ridge
Golf Course
HerringRun Park
GwynnsFalls Park
DruidHill Park
Pine RidgeGolf Course
Compass PointeGolf Course
Lake ShoreAthletic Complex
KinderFarm Park
Bay HillsGolf Club
FreedomPark
PaintBranch Park
RenditionsGolf Club
Robert M. Watkins
Regional Park
EnterpriseGolf
Course
Country Clubat Woodmore
NationalArboretum
AnacostiaRiver Park
PatuxentRiver Park
Mason NeckState Park
LeesylvaniaState ParkPrince William
Forest Park
GeneralSmallwoodState Park
DoncasterState Forest
ManassasNational
Battefield Park
Bull Run Regional Park
General’s RidgeGolf Course Hemlock
OverlookRegional Park
QuietWatersPark
CedarvilleState Forest
Louise F CoscaRegional Park
PatuxentRiver Park
Little BennettRegional Park
SugarloafMountain Park
MonocacyNational
Battlefield
RosaryvilleState Park
PO
TO
MA C R I V
ER
TriadelphiaReservoir
LibertyReservoir
Loch RavenReservoir
Rocky GorgeReservoir
ChesapeakeBay
Curtis Bay
LungaReservior
66
66
95
195
695
695
695
83
83
695
695
395
70
70
895
89595
95
895
895
97
97
95
95
95
395
395
495
495
495
495
495
495
270
270
270
270
28
28
28
28
28
85
28
28
28
29
29
1
1
29
1
1
1
301
301
50
50
50
190
107
107
117
95
355
27
2775
26
355
124108
650
94
144
185
586
650
650
390
97
193185
182
28
108
108100
100
175
144
99
12526
26
97
140
140
139
147
45
32
32
97
32
295
295
704
208
202
193450
197
178
3
2
2
2
177
173
710
151
214214
468424
214
218
5
27
7
267
267
7100
7100
236
7
210
210
425
234
234 123
123
225
228
488
5
5
381
4
259
408
408
2
193
1
40
40
29
1
1
40
301
301
301
50
4
2
231
1495
5 KM
2 MI0
0
NOVAVAX
The U.S. Department of Health and Human Services and Department of Defense announced a $1.6 billion
agreement with Novavax, Inc. to demonstrate commercial-scale manufacturing of the company’s
COVID-19 investigational vaccine.
The Coalition for Epidemic Preparedness Innovations (CEPI) invested a maximum amount of $384 million in additional
funding, on top of $4 million it invested in March-2020, to advance clinical
development of its vaccine.
ASTRAZENECA
AstraZeneca has received more than $1 billion from the U.S. Health Department’s
Biomedical Advanced Research and Development Authority to develop a
coronavirus vaccine from the University of Oxford.
GSK
GSK has partnered with Sanofi to try and create a vaccine to stop the spread
of Covid-19. GSK’s global vaccine research and development center in Rockville housed 450 scientists and
support staff prior to this announcement, and that number is expected to increase
with this partnership.
NIH
The $945 Million in funding for the NIH is to support research in the years to come to better understand the prevalence, transmission,
history, novel diagnostic approaches or methodologies, treatment, and prevention of the coronavirus
HEALTH & HUMAN SERVICES
The largest recipient of CARES Act funding, HHS will receive $140 Billion to be split between the Public Health and Human Services
Emergency Fund, CDC, & NIH
ROCKVILLE
GAITHERSBURG
BETHESDA
NORTH BETHESDA
WASHINGTON, DC
POTOMAC
650,000+ SF
Nearly 1.5MM SF
VACCINE EFFORTS TOTAL SPENDING: $11.2 B MARYLAND SPENDING: $5.3 B
THERAPEUTICS TOTAL SPENDING: $1.2 BMARYLAND SPENDING: $525 M
DIAGNOSTICS TOTAL SPENDING: $243 MMARYLAND SPENDING: $1.2 M
$2.1 BILLION $1.6 BILLION $1.6 BILLION
CARES ACT LOCAL IMPACT: $201.3 BILLION+ IN FUNDING TO AGENCIES LOCATED IN THE
DC REGION, WITH $74.6 BILLION GOING TO AGENCIES WITH A FOOTPRINT IN MONTGOMERY
COUNTY
CARES ACT MONTGOMERY COUNTY AGENCY ALLOCATIONS
SAMHSA$425 Million
NIAID$706 Million
FDA$34.1 Billion
NIH$945 Million
CDC$4.3 Billion
USDA$34.1 Billion
$74.6 Billion, 8+ Agencies, ~2.5 MM SF Office Space, 20+ Locations
$510 MILLION $14.5 MILLION $638,000 $598,200
DOMINANT I-270 BIOTECHNOLOGY AND LIFE SCIENCES CORRIDOR
2115 EAST JEFFERSON
8
Reagan Nat'l
Airport
WashingtonDulles
Intl. Airport
BaltimoreWashington
International Airport
FrederickMunicipal
Airport
Ft. BelvoirMilitary
Reservation
AndrewsAir Force
Base
University of Maryland-College
Park
Quantico MarineCorps Base
Naval SurfaceWarfare Center
US NavalOrdinance
Station
Naval SurfaceWeapons Center
Fort Meade
Univ of MarylandBaltimore County
Curtis BayGSA Depot
Sparrows Point IndustrialComplex
Dundalk Marine
Terminal
CCBC Essex
Loudon ParkCemetery
WoodlawnCemetery
MarylandWholesale
Food Center
Johns HopkinsUniv Applied
Physics
RockCreekPark
ArlingtonNational
Cemetary
PatuxentResearchRefuge
Northwest Park Golf
Course
Trotter’s Glen Golf Course
Rachel CarsonConservation
Park
Patuxent RiverState Park
WestFriendship
Park
AlphaRidge Park
Turf ValleyCountry Club
CentennialPark
Patapsco ValleyState Park
RockburnBranch Park
Timbers at Troy
Golf Course
Patapsco ValleyState Park Diamond Ridge
Golf Course
HerringRun Park
GwynnsFalls Park
DruidHill Park
Pine RidgeGolf Course
Compass PointeGolf Course
Lake ShoreAthletic Complex
KinderFarm Park
Bay HillsGolf Club
FreedomPark
PaintBranch Park
RenditionsGolf Club
Robert M. Watkins
Regional Park
EnterpriseGolf
Course
Country Clubat Woodmore
NationalArboretum
AnacostiaRiver Park
PatuxentRiver Park
Mason NeckState Park
LeesylvaniaState ParkPrince William
Forest Park
GeneralSmallwoodState Park
DoncasterState Forest
ManassasNational
Battefield Park
Bull Run Regional Park
General’s RidgeGolf Course Hemlock
OverlookRegional Park
QuietWatersPark
CedarvilleState Forest
Louise F CoscaRegional Park
PatuxentRiver Park
Little BennettRegional Park
SugarloafMountain Park
MonocacyNational
Battlefield
RosaryvilleState Park
PO
TO
MA C R I V
ER
TriadelphiaReservoir
LibertyReservoir
Loch RavenReservoir
Rocky GorgeReservoir
ChesapeakeBay
Curtis Bay
LungaReservior
66
66
95
195
695
695
695
83
83
695
695
395
70
70
895
89595
95
895
895
97
97
95
95
95
395
395
495
495
495
495
495
495
270
270
270
270
28
28
28
28
28
85
28
28
28
29
29
1
1
29
1
1
1
301
301
50
50
50
190
107
107
117
95
355
27
2775
26
355
124108
650
94
144
185
586
650
650
390
97
193185
182
28
108
108100
100
175
144
99
12526
26
97
140
140
139
147
45
32
32
97
32
295
295
704
208
202
193450
197
178
3
2
2
2
177
173
710
151
214214
468424
214
218
5
27
7
267
267
7100
7100
236
7
210
210
425
234
234 123
123
225
228
488
5
5
381
4
259
408
408
2
193
1
40
40
29
1
1
40
301
301
301
50
4
2
231
1495
5 KM
2 MI0
0
63%POPULATION WITH A
COLLEGE DEGREE
32%POPULATION WITH A GRADUATE DEGREE
$108,000MEDIAN HOUSEHOLD
INCOME
ONE OF THE
TOPSCHOOL DISTRICTS IN
THE COUNTRY
I-270 CORRIDOR IS HOME TO MORE THAN
350LIFE SCIENCES COMPANIES
AND
370,000 EMPLOYEES
#1RANKING IN STEM
EMPLOYMENT CONCENTRATION
TOP MONTGOMERY COUNTY EMPLOYERS
OUTSTANDING, NATION-LEADING MONTGOMERY COUNTY DEMOGRAPHICS
9
JIM MOLLOYManaging Director
FINANCING CHRIS HEWSenior Director202.533.2536
JIM MEISELSenior Managing Director
Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2021. Jones Lang LaSalle IP, Inc. All rights reserved.