Series of 31 leases in three years in North Bethesda brings occupancy to 96 percent
JLL announces today Goodstone LLC’s 6116 Executive Boulevard, a 215,000 square foot Class A office building in North Bethesda, Maryland, is now 96 percent leased in just 36 months since building delivery.
“Our North Bethesda location is proximate to top tier amenities, but what is resonating most with leasing brokers and tenants are trend-setting collaboration spaces that encourage a return to work,” remarked Stephen Durr, President, Goodstone LLC. “We’re finding employers and employees want the same thing – unique spaces that facilitate team building and creativity.”
Goodstone partnered with New York-based Waterfall Asset Management, executed a $12 million renovation, and delivered Sixty-One Sixteen 100 percent vacant in January 2019. The building’s sophisticated finishes and unique on-site amenities set a high bar for renovated suburban Maryland office options. Amenities include a conference facility and wellness center, and a one-of-a-kind “Terrace,” a tenant-exclusive indoor/outdoor space designed for casual collaboration. In just 36 months, JLL negotiated 31 leases, 21 of which were executed during the COVID-19 pandemic.
“Goodstone and Waterfall Asset Management were ahead of the curve when they invested in 6116 Executive Boulevard,” remarked Danny Sheridan, Managing Director, JLL. “No one knew how the pandemic would impact office demand, but with these key amenity differentiators and a hands-on, visionary team, we attracted a deep roster of tenants looking for ways for their teams to collaborate. Sixty-One Sixteen was the right product at the right time as evidenced by the property’s performance.”
Goodstone and Waterfall Asset Management’s six building, DC-based portfolio of 820,000 square feet leased a total of 244,000 square feet across 46 transactions during the pandemic, increasing portfolio occupancy by 25 percent in the past two years.
For more information about JLL’s leasing services, visit https://www.us.jll.com/en/locations/mid-atlantic.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people, and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Goodstone LLC
Goodstone LLC is a commercial real estate investment management firm headquartered in Washington DC. We source, acquire, and manage commercial office investments for private clients and institutional investors in Washington DC, Suburban Maryland, Northern Virginia, and the major Texas markets. We invest alongside our clients, ensuring an alignment of financial interest. For further information please visit www.goodstonellc.com.
About Waterfall Asset Management
Based in New York, Waterfall Asset Management is an SEC-registered institutional asset manager focused on structured credit (asset-backed securities and loans) and private equity investments. Waterfall had approximately $9.8 billion in assets under management including committed capital as of January 1, 2022. www.waterfallam.com
