POTOMAC’S BEST PERFORMING MIXED-USE ASSET
Bank of America Building
Potomac, MD
Opportunity
Avison Young’s U.S. Capital Markets Group, who has been retained as the exclusive advisor to the Owner, is pleased to offer for sale The Bank of America Building (The “Property”), a 100% leased mixed-use asset in the heart of Potomac Village. Located at 10000 Falls Road, the Bank of America Building is a 27,408 square foot mixed-use asset anchored by Bank of America’s flagship branch, serving the highly affluent community of Potomac, Maryland. The Property’s rent roll is headlined by Bank of America (Fitch: AA), the second largest U.S. Bank by Assets, in addition to a diverse mix of tenants from legal, real estate services, financial services, and healthcare industries.
New ownership will secure prime real estate with a bullseye location within one of the most sought-after zip codes (20854) in the country, bolstered by a micro market which is poised to meet sustained commercial demand derived from some of the strongest demographics in the entire country.
New ownership will secure prime real estate with a bullseye location within one of the most sought-after zip codes (20854) in the country, bolstered by a micro market which is poised to meet sustained commercial demand derived from some of the strongest demographics in the entire country.
Investment Highlights
HIGHLY COMMITTED, CREDIT GRADE ANCHOR 26%
of the Property is leased by Bank of America, which has been in tenancy since 1993. It is the second largest U.S. bank by assets, with approximately $2.6 trillion in total assets and $300 million in deposits associated with this Property.
of the Property is leased by Bank of America, which has been in tenancy since 1993. It is the second largest U.S. bank by assets, with approximately $2.6 trillion in total assets and $300 million in deposits associated with this Property.
CONSISTENTLY OUTPERFORMS THE MARKET
Since 2019, leasing activity has been exceptional, with nine new leases covering 20% of the rentable area. During the same period, 15 tenant renewals were secured, spanning over 22,000 square feet. Notably, the Property has maintained an occupancy rate of no less than 94% during this period.
Since 2019, leasing activity has been exceptional, with nine new leases covering 20% of the rentable area. During the same period, 15 tenant renewals were secured, spanning over 22,000 square feet. Notably, the Property has maintained an occupancy rate of no less than 94% during this period.
MONTGOMERY COUNTY’S MOST COVETED INTERSECTION
The Property boasts prime frontage on Falls Road, with over 19,000 vehicles passing daily, and is situated in a vibrant work-live-play micro market (Potomac Village) that attracted approximately 360,000 visitors in the last year. Additionally, there are 20 dining options within a five-minute drive, further enhancing the area’s appeal for residents and visitors alike.
The Property boasts prime frontage on Falls Road, with over 19,000 vehicles passing daily, and is situated in a vibrant work-live-play micro market (Potomac Village) that attracted approximately 360,000 visitors in the last year. Additionally, there are 20 dining options within a five-minute drive, further enhancing the area’s appeal for residents and visitors alike.
NEAR ZERO NEW SUPPLY RISK
There is no new competitive supply under construction in the market. The nearest commercially zoned area is located three miles away, underscoring the scarcity of commercial properties in Potomac. In fact, only 1.25% of the land in Potomac is designated for commercial use.
There is no new competitive supply under construction in the market. The nearest commercially zoned area is located three miles away, underscoring the scarcity of commercial properties in Potomac. In fact, only 1.25% of the land in Potomac is designated for commercial use.
IMPRESSIVE NET EFFECTIVE RENTS
In 2024, all completed leases excluded free rent. Of the 4 completed deals in 2024, the landlord provided painting and carpet shampooing on 2 renewals, painting and a wall installation on one of the news deals, and no work was required the final new lease executed this year. Starting rents averaged in the low to mid $40’s per square foot.
In 2024, all completed leases excluded free rent. Of the 4 completed deals in 2024, the landlord provided painting and carpet shampooing on 2 renewals, painting and a wall installation on one of the news deals, and no work was required the final new lease executed this year. Starting rents averaged in the low to mid $40’s per square foot.
