BXP has sold its 50% ownership interest in the Marriott International headquarters in Bethesda, Maryland, to its joint venture partner, The Bernstein Companies, at a gross building valuation of $430 million.
Net proceeds to the company were approximately $83 million. BXP was represented in the transaction by Tommy Cleaver, Bill Shanahan, Dan Grimes, and Chloe Neal at CBRE. The 21-story, 743,000-square-foot building was developed by BXP and The Bernstein Companies. The property was delivered in 2021 and is fully leased to Marriott International, Inc. as its global headquarters.
Marriott’s global headquarters was developed in conjunction with a 245-key, full-service, flagship hotel, which is already owned by The Bernstein Companies and was not part of the sale. The office building and hotel are connected by an open-air plaza. BXP maintains a significant presence in the D.C. area, with approximately 8.8 million square feet across 30 properties.
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