BXP has completed the sale of its 50% ownership interest in the Marriott International global headquarters in Bethesda, Maryland, to its joint venture partner, The Bernstein Companies. The transaction was executed at a gross building valuation of $430 million for the office asset, which serves as Marriott International, Inc.’s global corporate base. Net proceeds to BXP from the disposition were approximately $83 million, providing the company with additional liquidity while its partner consolidates full ownership of the headquarters property.
The 21-story headquarters building totals 743,000 square feet and was jointly developed by BXP and The Bernstein Companies. The project was delivered in 2021 and is fully leased to Marriott International, Inc., which occupies the entire office tower under a single-tenant headquarters structure. The transaction does not alter Marriott’s occupancy at the property, and the headquarters remains in place as a fully leased, single-tenant office asset.
CBRE advised BXP in the sale of its joint venture interest. The BXP team was represented by Tommy Cleaver, Bill Shanahan, Dan Grimes, and Chloe Neal at CBRE, which handled the assignment on behalf of the company. The involvement of a dedicated capital markets team underscores the institutional nature of the transaction and the scale of the headquarters asset.
The headquarters building was developed in tandem with a 245-key, full-service, flagship Marriott hotel adjacent to the office tower. The hotel, already solely owned by The Bernstein Companies, was not included in this transaction and remains under separate ownership. An open-air plaza connects the office building and the hotel, creating a unified campus environment for Marriott’s headquarters operations and related hospitality functions.
Beyond this specific asset, BXP continues to maintain a sizable footprint in the greater Washington, D.C. area. The company controls approximately 8.8 million square feet across 30 properties in the region, reflecting its ongoing commitment to the market despite the sale of its interest in the Marriott headquarters. The disposition represents a targeted ownership shift within a long-term strategic market, rather than an exit from the region.
