Moving at Breakneck Speed: 915 Meeting Street Crane Goes Up at Pike and Rose
As first mentioned by the Montgomery Business Scene, the construction of the trophy office building — 915 Meeting Street — at Pike and Rose in North Bethesda is moving at breakneck speed.
The office building is a welcome addition to one of the most coveted mixed-use projects in the Washington, D.C. area. The project kicking off construction late last year was a surprise to many when Choice Hotels International (NYSE: CHH) announced it would be the anchor tenant for the project, taking 40 percent of the 266,000, 16-story building with a 105,000 square foot lease. The building is now almost at 3-levels below grade for the parking garage and has put up a crane.
Furthermore, many did not expect another office building to go up so soon considering the recent completion of 909 Rose Avenue where developer of Pike and Rose — Federal Realty Investment Trust (NYSE: FRT) — moved its headquarters.
Around Montgomery County, several office projects have started construction, which is unusual for the County, considering it has historically lagged competing jurisdictions such as Fairfax County, Virginia and Washington, D.C. in office construction and job creation.
Image: 915 Meeting Street crane at Pike and Rose.
Leasing in Montgomery County has been led by “Bio and Beds” with several new entrants and existing biotech companies expanding such as Regenxbio (NASDAQ: RGNX) leasing up entire buildings and hospitality companies such as Marriott International (NYSE: MAR) doing the same for their headquarters.
According to a report from Transwestern, at the end of January, Montgomery County office space inventory totaled 65,339,693 square feet, while Fairfax County had approximately 104,550,843 square feet. Washington, D.C. held 143,938,679 square feet.
Less than a mile up the road at 1600 Rockville Pike, a crane had already been erected for another trophy office building under development. It is part of a project called Twinbrook Quarter, which is under development by downtown Bethesda-based B.F. Saul’s Saul Centers Inc (NYSE: BFS). The 248,000-office building will join 450 residences and 25,000 square feet of retail in addition to an 80,000 square foot Wegmans Grocery store.
Both projects are being built by downtown Bethesda-based Clark Construction Group.