Washington-based real estate investment, development, and advisory firm R3 Ventures has been nominated as partner and asset manager in Forbright Bank’s acquisition of Chase Tower at 4445 Willard Avenue in Chevy Chase, Maryland.
Forbright Bank, the building’s anchor tenant and lead investor, brought R3 Ventures into the transaction to co-invest and provide operational oversight of the 12-storey, Class A mixed-use property.
Leveraging its deep local market knowledge and hands-on operational approach, R3 Ventures will serve as asset manager for Chase Tower, overseeing leasing strategy, capital improvements, and day-to-day performance of the building.
Maryland-based publicly traded real estate investment trust JBG SMITH will serve as property manager, providing continuity of service for existing and prospective tenants. Cushman & Wakefield acted as advisor to purchaser, and Eastdil Secured acted as advisor to seller for the transaction.
“R3 Ventures is honoured to have worked alongside Forbright Bank in the acquisition of Chase Tower and to serve as asset manager going forward. The property is a premier offering in the Bethesda-Chevy Chase market, and we look forward to delivering a tenant experience befitting the quality of the asset,” says David Ritchey, Co-Founder and Managing Partner of R3 Ventures.
Chase Tower comprises 227,000 square feet of Class A office space and 18,000 square feet of neighbourhood retail space. Forbright Bank has occupied the building as its headquarters since 2020 and will continue to anchor the property as its primary tenant.
“Forbright Bank is thrilled to be the new owners of Chase Tower, and we’re pleased to have R3 Ventures serve as our asset management partner. We’re confident that our commitment to the property, combined with R3’s deep office expertise, will yield exceptional results,” says John Devereux, President Real Estate Finance at Forbright Bank.
Forbright plans to make meaningful technology and modernization upgrades to the building, with R3 Ventures supporting that effort in its asset management capacity to further position Chase Tower as a premier destination for top-tier tenants.