Tishman Speyer has acquired a redevelopment site in Washington, D.C., where it plans to build new rental housing while retaining substantial retail space and a large parking garage underground. The financial terms and the seller were not disclosed.
The property, which has featured the Mazza Gallerie urban mall since 1979, is located in the Friendship Heights neighborhood that straddles the border of the District and Bethesda, Md., and sits atop a Metro subway station. It is positioned within the “Wisconsin Avenue Retail Corridor,” which is considered one of the area’s premier shopping areas but currently has few housing options.
Jeff Chod, Tishman Speyer regional director, said, “We have been active in the Washington, D.C., market for many years, focusing on investment in key infill neighborhoods. Most recently, we’ve been very pleased with the success of our Crossing DC residences, along with the stunning 2050 M Street office building. Overall, we believe
