R3 Ventures, along with Forbright Bank, has acquired Chase Tower at 4445 Willard Avenue in Chevy Chase, Maryland.
Forbright Bank, the building’s anchor tenant and lead investor, brought R3 Ventures into the transaction to co-invest and provide operational oversight of the 12-story, Class A mixed-use property.
R3 Ventures will serve as asset manager for Chase Tower, overseeing leasing strategy, capital improvements, and day-to-day performance of the building.
JBG SMITH will serve as property manager, providing continuity of service for existing and prospective tenants. Cushman & Wakefield acted as advisor to the purchaser, and Eastdil Secured acted as advisor to the seller.
Chase Tower comprises 227,000 square feet of office space and 18,000 square feet of neighborhood retail space. Forbright Bank has occupied the building as its headquarters since 2020 and will continue to anchor the property as its primary tenant.
The post R3 Ventures, Forbright Bank Acquire Chase Tower in Chevy Chase appeared first on Connect CRE.
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