Akridge Delivers First New Office Building in Downtown Bethesda in Ten Years
WASHINGTON, Feb. 27, 2013 /PRNewswire/ -- Akridge and Rockwood Capital, LLC announce the grand opening of 7550 Wisconsin Avenue, a 120,000 square foot, Class A commercial office building, one block from Bethesda's Red Line Metro station. The building receives landmark status as the first new office construction delivered to the downtown Bethesda, Maryland market in over a decade.
The original structure was built in 1964 and had remained empty for eight years after being vacated by the U.S. General Services Administration (GSA), which had owned the building. Purchased in September of 2010, Akridge and Rockwood executed a re-design of 7550 Wisconsin Avenue with an ambitious vision of deploying forward-thinking, sustainable concepts, while targeting U.S. Green Building Council LEED® Gold certification for the project. The building is an ideal example of sustainable development. While nearly all of the existing base structure has been retained, 7550 Wisconsin Avenue features advanced designs such as a green roof, enhanced indoor air quality systems and the use of recycled content. The elements of design and the installation of entirely new systems define the project as reconstruction rather than a retrofit.
7550 Wisconsin Avenue is equipped with water conserving fixtures that will result in 35% less water consumption than under its' previous fittings. A concerted effort to select building materials containing recycled content allowed the project to achieve its' goal of using products that contained recycled content for 20% of the total building materials. Also contributing to the target of LEED Gold certification was the careful consideration for materials; over 50% of the project's total waste was either reused or recycled. Additionally, once occupied, the building will use an average of 13% less energy than neighboring non-LEED Certified structures. Through the purchase of renewable energy certificates, 35% of the building's power will be derived from a green power source, reducing the building's overall carbon footprint. The green roof, will also contribute to keeping the ambient temperature of the roof cooler by replacing heat-absorbing surfaces with vegetation. Designed to allow daylight to permeate nearly all of the interior spaces within the building, Clients will have superior access to views – with 90% of workspaces having proximity to a window. Sustainable features that enhance the work environment include bicycle racks, showers, and preferred parking for hybrid vehicles.
In addition to the exemplary sustainable design features, the building boasts an unparalleled amenity package in the downtown Bethesda market. Complete with efficient floorplates, the building features a full-service fitness center complete with lock rooms and towel service, along with a Client-only rooftop terrace, the first for an office building in this area.
"We are pleased to have the opportunity to deliver a highly sustainable project with high quality features in downtown Bethesda, a mature submarket currently experiencing very little new construction," said Matthew J. Klein, President of Akridge. "7550 Wisconsin Avenue successfully combines important sustainability measures with features that no other building in downtown Bethesda offers."
Currently 120,000 square feet is available for lease.
Akridge is a comprehensive real estate services company that provides acquisition, development, construction management, asset management, property management, leasing, and consulting services.
Founded in 1974, the company has acquired or developed more than 12 million square feet of commercial space and currently manages four million square feet throughout the DC area. The industry's foremost benchmarking firms, CEL & Associates, and Kingsley Associates, has ranked Akridge as a top performing real estate firm in the country for Client satisfaction. Akridge is committed to sustainable development and practices, and has been recognized as an Energy Star Top Performer and Partner of the Year. The company has also been honored with the National Capital Business Ethics Award, and has been recognized as the Best Place to Work in Greater Washington by the Washington Business journal. For more information, please visit www.akridge.com.
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment company which provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of commercial property types, including retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1980, Rockwood and its principals have invested on behalf of their investors over $4.5 billion of equity in over $10.3 billion of real estate through seven commingled funds, various special purpose partnerships, and separate accounts. Rockwood currently manages a portfolio of about $2.9 billion of equity invested in $4.6 billion of real estate. Rockwood's investors include public and private pension funds, endowments, foundations, insurance companies, institutions and high net worth individuals.