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2115 EAST JEFFERSON NORTH BETHESDA, MD EXECUTIVE SUMMARY

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Page 1: 2115 EAST JEFFERSON

2115 EAST JEFFERSONNORTH BETHESDA, MD EXECUTIVE SUMMARY

Page 2: 2115 EAST JEFFERSON

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

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Page 3: 2115 EAST JEFFERSON

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

Page 4: 2115 EAST JEFFERSON

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

Page 5: 2115 EAST JEFFERSON

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

Page 6: 2115 EAST JEFFERSON

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

Page 7: 2115 EAST JEFFERSON

WORK

HEADQUARTERS LOCATION

PLAY

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Page 8: 2115 EAST JEFFERSON

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

Page 9: 2115 EAST JEFFERSON

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

Page 10: 2115 EAST JEFFERSON

JIM MOLLOYManaging Director

[email protected]

FINANCING CHRIS HEWSenior Director202.533.2536

[email protected]

JIM MEISELSenior Managing Director

[email protected]

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.