Say Goodbye To Air Rights, Hello To Bethesda Crossing

The Bethesda Crossing Wisconsin East building (right) and Wisconsin West building (left)

The $30 million renovation is complete at the downtown Bethesda office complex formerly known as the Air Rights Center.

Developer MRP Realty and equity firm Rockpoint Group unveiled the new-look Bethesda Crossing during a reception on Tuesday.

The complex — which includes two buildings at 7315 Wisconsin Ave., the Hilton Garden Inn and building at 4550 Montgomery Ave. — now includes a 4,000-square-foot fitness center, energy efficient lighting and windows, a new cooling tower and upgrades to the garage, many of the common areas, lobbies and infrastructure.

MRP says a conference center is coming soon, as are bike rooms, electric car charging stations and an outdoor patio in front of the Montgomery Avenue building.

MRP and the Rockpoint Group bought the office complex for about $200 million in early 2013. The “Air Rights” moniker came from how the 1960′s-era buildings were developed — as an air rights project above the former B&O Railroad right-of-way.

The right-of-way, now the Capital Crescent Trail, travels in a tunnel under the buildings and under Wisconsin Avenue.

Tenants remaining in the building include financial services companies such as Calvert Investments, life insurance company Weaver Bros. and business research firm Abt Associates. The 7315 Wisconsin Ave. building also kept its ground floor-retail — including Ruth Chris Steak House.

MRP has also added some new tenants, including office share company UberOffices.

Renovations went on for much of 2014. Space is available for $39 per square foot.

“Bethesda Crossing was already a strong office product and we have added value to current and future tenants through this modernization process,” MRP principal Zach Wade said, according to a media release. “The investment we made in Bethesda Crossing allows us to take advantage of its irreplaceable location in the heart of Bethesda.”


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