We are pleased to share that EYA and Bernstein Management Corporation (BMC) are under contract to redevelop the 26-acre former GEICO headquarters site in Friendship Heights, MD. The former 514,000-square-foot GEICO corporate campus will be transformed into a vibrant residential and mixed-use neighborhood.
Read the Washington Business Journal article
EYA and BMC were selected as contract purchasers through a competitive process that reflected the partnership's commitment to the DMV region, access to capital, and proven ability to execute complex mixed-use communities. Together, EYA and BMC will transform the long-standing former corporate campus into an accessible neighborhood, advancing reinvestment along a key corridor connecting Montgomery County and the District of Columbia.
GEICO is represented by JM Zell Partners, which is serving as advisor and will oversee EYA’s development approvals, as well as manage the demolition and site preparation, prior to EYA’s purchase of the property. GEICO recently relocated its headquarters to downtown Bethesda, creating the opportunity to reimagine the former Friendship Heights campus.
Phase one of the project is envisioned as an urban, walkable community featuring more than 500 residential units, including 96 condominium units, 175-185 townhomes, and up to 235-250 apartments across three buildings. Phase one will also incorporate expansive community green space, with a focus on preserving mature trees and integrating new open-space amenities for residents and the broader Friendship Heights community. Phase two may include mid-rise and high-rise residential with additional retail pursuant to the to-be-approved Friendship Heights Sector Plan.
“We are honored that GEICO and Zell entrusted EYA with the redevelopment of GEICO’s former longtime headquarters. This site represents one of the most meaningful redevelopment opportunities in the region, with a chance to transform a nearly 30-acre former corporate campus into a vibrant neighborhood that will integrate into the existing fabric of Friendship Heights,” said McLean Quinn, President and CEO of EYA.
Located within walking distance of the Friendship Heights Metro station and major bus routes, the new neighborhood will offer convenient access to retail destinations and cultural amenities. The project spans nearly 30 acres fronting Willard Avenue, Friendship Boulevard, Western Avenue and Brookdale Neighborhood Park. The redevelopment is part of an exciting renaissance for the Friendship Heights area and represents a significant opportunity to introduce new housing in a transit-rich location while reintegrating the site into the surrounding community.
For over 30 years, EYA has been a market leader in the development of large-scale, urban infill residential projects. With expertise in the entitlement, development, and construction of for-sale, multi-family, and mixed-income housing, EYA has created over 50 exceptional neighborhoods that are home to more than 10,000 residents across Washington, DC, Maryland and Northern Virginia.
Click here to read the recent Washington Business Journal article and here to learn more about EYA's development capabilities.