Construction has begun in upper Bethesda on a two-phase development of condominium office space in a town house architectural environment designed by the Chloethiel Woodard Smith firm.
Called the Executive, the total 74-office unit project is a joint venture of Berger/Berman Builders and Panache Inc., a building firm headed by Milton Scheneiderman. The site is on Executive Boulevard, where a number of office buildings have been developed between Old Georgetown and Montrose roads. The ownership office complex was designed to house as many as 74 different offices in low-rise buildings resembling town houses.
Ray Adams, who is handling sales for Dreyfuss Brothers, said 27 of the first 30 units to be built have been sold at the rate of $105 a square foot.
Design plans show Executive office spaces are available in units of 1,000 square feet and will have loft-style windows on the third floors. Adams said prices for the spaces have been boosted to $110 a square foot for the remainder of the offices in the first section, due to be completed in November.
The Marcus Corp., a subsidiary of Berger/Berman, is the general contractor of the project, located within two blocks of a Metro station to be opened relatively soon on Rockville Pike. Adams said early purchasers included one physician, an interior designer, two builders, three realtors, an insurance agent, two accounting firms, three attorneys and several investors.
Condominium management services will be provided by Dreyfuss Brothers.
Within the past decade, several other condominium office building ventures have been undertaken in downtown Washington and nearby Maryland, but were changed later to rental status when sales were slow. In recent years other condominium office and medical complexes have been sold successfully in nearby Maryland and Northern Virginia.