Bank of America Building

Highlights

• HIGHLY COMMITTED, CREDIT GRADE ANCHOR 26% of the Property is leased by Bank of America, which has been in tenancy since 1993. It is the second largest U.S. bank by assets, with approximately $2.6 trillion in total assets and $300 million in deposits associated with this Property.
• CONSISTENTLY OUTPERFORMS THE MARKET Since 2019, leasing activity has been exceptional, with nine new leases covering 20% of the rentable area. During the same period, 15 tenant renewals were secured, spanning over 22,000 square feet. Notably, the Property has maintained an occupancy rate of no less than 94% during this period.
• MONTGOMERY COUNTYS MOST COVETED INTERSECTION The Property boasts prime frontage on Falls Road, with over 19,000 vehicles passing daily, and is situated in a vibrant work-live-play micro market (Potomac Village) that attracted approximately 360,000 visitors in the last year. Additionally, there are 20 dining options within a five-minute drive, further enhancing the areas appeal for residents and visitors alike.
• NEAR ZERO NEW SUPPLY RISK There is no new competitive supply under construction in the market. The nearest commercially zoned area is located three miles away, underscoring the scarcity of commercial properties in Potomac. In fact, only 1.25% of the land in Potomac is designated for commercial use.
• IMPRESSIVE NET EFFECTIVE RENTS In 2024, all completed leases excluded free rent. Of the 4 completed deals in 2024, the landlord provided painting and carpet shampooing on 2 renewals, painting and a wall installation on one of the news deals, and no work was required the final new lease executed this year. Starting rents averaged in the low to mid $40s per square foot.

Location