Choice Hotels Will Anchor New Office Building in Bethesda’s Pike & Rose
Choice Hotels International will anchor a new office building in the Pike & Rose megadevelopment in North Bethesda, Md.
The hospitality company has signed a 10-year, 105,000-square-foot lease at 915 Meeting Street, a new 276,000-square-foot office building being developed by Federal Realty Investment Trust.
Choice Hotels is taking 40 percent of the office space in the planned 16-story building to house 400 corporate employees.
The property is part of the 24-acre Pike & Rose mixed-use development, which features 765 apartments, 99 condos, a 177-room hotel and more than 40 retailers.
“North Bethesda’s Pike & Rose offers Choice Hotels’ employees more than the building they will occupy,” Jay Brinson, Federal Realty’s vice president, development, told Commercial Observer. “The neighborhood is filled with countless world-class on-site amenities and services that will cater to their work and personal lives.”
Choice Hotels will relocate its headquarters from its current home at 1 Choice Hotels Circle in Rockville, Md., sometime in the fourth quarter of 2023. Since 2013, the company has been located at its Rockville offices, which offer 198,000 square feet.
The new building will be designed by Gensler, and will include a rooftop conference center with collaborative common areas, a fitness center, and a host of sustainable and wellness features. It also includes 9,100 square feet of ground-floor retail.
JLL (JLL)’s Bernie McCarthy, executive managing director, and Danny Sheridan, managing director, represented Federal Realty in the lease, while Steve London, vice chairman at Savills, represented the tenant.
The new construction follows the success of Pike & Rose’s 300,000 square feet of existing office product, which includes tenants such as Bank of America, JLL, OneDigital and Federal Realty’s corporate headquarters.
“The addition of Choice Hotels, further confirms that neighborhoods such as Pike & Rose have the right mix of what employers and employees are looking for in office space today — great locations with excellent regional access and multi-modal transportation options, as well as best-in class amenities in the building and the neighborhood,” Brinson said. “Choice Hotels joins other leading organizations which have selected Pike & Rose as their new office home.”
Keith Loria can be reached at Kloria@commercialobserver.com.