Office Headquarters Stake Sold by BXP at $430M

Major Office Stake Changes Hands

According to Bisnow, BXP has sold its 50% stake in the Marriott International headquarters in downtown Bethesda. BXP ranks among the largest public office landlords in the US. The property spans 21 stories and totals 743K SF. The deal values the asset at $430M. As a result, joint venture partner The Bernstein Cos. now holds full ownership.

Delivered in 2022, the LEED Gold-certified building features a three-story atrium, rooftop terrace, and conference space. The headquarters campus also contains a 245-room hotel, which was not included in the sale.

Strategic Turn for BXP

BXP realized $83M in net proceeds from the sale, according to company statements. CBRE marketed the deal on BXP’s behalf. The transaction reflects BXP’s strategy to recycle capital across US markets. The firm previously sold a Rockville development site for $25M. It also sold a 508-unit apartment asset in Reston for $236M. This repositioning aligns with broader portfolio shifts, as the firm adjusts exposure across key regions and asset types.

Broader Market Context

The Bernstein Cos., which owned the site for decades, highlighted the importance of the partnership and the building’s role as Marriott’s global headquarters. Meanwhile, Marriott relocated from its former suburban Rock Spring campus, which is now being transformed into senior housing.

This latest deal continues a wave of office sector investment and sales activity around Washington DC. BXP’s office headquarters transactions have included several major build-to-suit developments for tenants such as TSA, Leidos, WilmerHale, and Fannie Mae, underscoring ongoing demand for high-quality office assets in the region.