The Chevy Chase Land Co. Launches $25M Office Revamp

The Chevy Chase Land Co., together with Cushman & Wakefield, have started an improvement project at 2 Bethesda Metro, a 290,318-square-foot, Class A office building in Bethesda, Md. Cushman & Wakefield serves as the property’s exclusive leasing agent. The renovation plan’s initial phase, currently underway, is expected to be completed in the spring of 2023, while Phase II will be delivered later this year.

The $25 million renovation strategy will provide upgraded amenity space and will enhance the experience of current and future office users at the property. The 15-story building has recently received LEED Gold certification, The Chevy Chase Land Co.’s Executive Vice President of Asset Management, Jason Winans, said in prepared remarks.

Improvements underway

Ground-level upgrades will include a new exterior, a relocated entrance and a refurbished lobby featuring large gathering spaces. The renovation project also calls for the addition of a dedicated amenity building that will feature a fitness center, a yoga studio, a rooftop terrace with fitness space, locker rooms, a conference center and a lounge. The building’s tenants will also have access to concierge services, provided through CBRE’s Host Concierge platform, which aims to elevate the workplace experience.

Cushman & Wakefield’s team led by Executive Managing Director Peter Rosan, Executive Director Kevin McGloon and Director Katie Gormley will market the property for lease. Other tenants at 2 Bethesda Metro include New & Lowinger, O’Keefe Communications and AGNC Investment Corp., among others, according to CommercialEdge data.

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Located at 7401 Woodmont Ave., the mid-rise office property features five passenger elevators, 19,230 square feet floorplates, 15,000 square feet of first-floor retail and 200 parking spots, according to CommercialEdge.

Situated on a 1.2-acre lot, the office asset provides direct access to Washington Metro system’s Red Line. The property is also located across from the Bethesda Row shopping center, 7.6 miles from downtown Washington, 7.7 miles from Chain Bridge in McLean, Va., and within 11 miles of Ronald Reagan Washington National Airport.

Earlier this month, Cushman & Wakefield was tapped as the exclusive leasing agent for Union Station, a 607,735-square-foot office and retail asset in Washington, owned by Rexmark. In September 2022, Columbia Property Trust Inc. completed the renovation of its 286,000-square-foot office property, that consisted of an 108,000-square-foot expansion atop the existing structure. The project marked D.C.’s first office development to include environmentally friendly mass timber.