R3 Ventures and Forbright Bank have jointly acquired Chase Tower, a 12-story Class A mixed-use building at 4445 Willard Avenue in Chevy Chase, Maryland. The transaction gives the partners control of a prominent office and retail property that already houses Forbright Bank’s corporate headquarters.
Forbright Bank, which has occupied Chase Tower as its headquarters since 2020, led the investment and will continue in its role as the building’s anchor tenant. The bank brought in R3 Ventures as a co-investor, with a mandate to strengthen operations and oversee the property’s next phase of management and enhancement.
Under the new ownership structure, R3 Ventures will serve as asset manager for Chase Tower. The firm will oversee leasing strategy, guide capital improvement initiatives, and manage the building’s overall performance. The arrangement is intended to leverage R3 Ventures’ local market expertise and hands-on operating approach in support of the property’s long-term positioning.
JBG SMITH has been retained as property manager and will continue to provide day-to-day services for current and future tenants. Maintaining JBG SMITH in this role is expected to provide continuity for occupants as the ownership group executes on its business and leasing plans.
The property includes 227,000 square feet of office space complemented by 18,000 square feet of neighborhood retail. With Forbright Bank committed to remaining in place as the primary tenant, the building combines a stabilized headquarters user with additional office and retail space available to the broader market.
Cushman & Wakefield advised the purchaser in the transaction, while Eastdil Secured acted as advisor to the seller. The parties did not disclose purchase price, financing terms, or additional details about the seller’s identity or future leasing plans for the remaining space in the building.
