W M AI L

Blackwell
RADIO LAND
9601 BLACKWELL
DRIVE
7115 Greentree Road
Bethesda,
ROCKVILLE,
MDMaryland

Offer Deadline : Thursday, March 12, 2015

For more information visit cbremarketplace.com/wmal.
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Westfield Montgomery Mall

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Rock Spring Office Park

75-Acre Development Opportunity in

Bethesda, Maryland

Offering

WM AL

CBRE, Inc., as exclusive advisor, is pleased to present an exceptional opportunity to acquire a fee simple interest in 7115 Greentree Road, Bethesda,
Montgomery County, Maryland (the Property or WMAL Site). The Property is an extremely rare development opportunity comprising 74.8 acres of land
irreplaceably located at the crossroads of Capital Beltway (I-495) and I-270 (the Research and Technology Corridor). 7115 Greentree Road is also the
largest tract of development land in Bethesda; one of the most affluent and supply-constrained residential neighborhoods in the United States.

Investment Highlights

RADIO LAND
Offering Memorandum

Washington, D.C. National Institutes of Health (NIH) is headquartered in

Extremely Rare In-fill Development Opportunity 7115 Greentree
Road (two miles from the Property), employs approximately 20,262
Bethesda

Bethesda,
At 74.83 acres, the Property is the largest tract of development
land inMaryland
workers and is the single most mission critical facility for world health and
Bethesda. DC Radio Assets, or one of its predecessors, has owned this site treatment.
for more than 70 years. Over the last of a century, the immediate area
around the Property has evolved into one of the most densely populated, The Site transverses the North Bethesda area which contains its own
affluent and commercially active areas in the United States.
concentration of office inventory (10.6 million SF), shopping and amenities.
Lastly, Bethesdas location along the northwest border of Washington, D.C.
Bethesda, Maryland Significant Demand and Barriers also allows residents to equally access employment opportunities within both
the District of Columbia and Northern Virginia.

to Entry

The WMAL Site is irreplaceably located in Bethesda which is one of the

most affluent and supply-constrained residential neighborhoods in the United
States. The average household income within a one-mile and three-mile radii
are $166,321 and $181,597, and average home values are $666,105
and $731,109, respectively. Housing values in a three-mile radius have
increased by 14% over the past 5 years despite having a housing stock with
a median construction year of 1971; many new construction home sales
consist of tear-downs. Only 5% of the housing stock (owned and rented) is
currently vacant and homes within Bethesda only spend an average of 14
days on the market. Bethesda ranked #1 on Forbes list of Americas most
educated small towns in 2014 and #1 on CNNMoney.coms list of topearning American towns in 2012.

Perpetual Employment Demand Drivers

Bethesda is an integral part of Metro Washington, D.C.; a gateway market
with global allure. Its central location, superior housing stock, nationallyranked schools and highly-educated work force is a derivative of the plethoric
presence of public and private sector employers entrenched within Metro

Bethesdas Urbanization
Downtown Bethesdas steady urbanization are also contributors to its
establishment as a highly sought after residential community and live/work/
play environment. Downtown Bethesda offers its surrounding neighborhoods
an extensive mass transit system including Metrorail (Red line with stops in
downtown Bethesda and Medical Center), Metro Bus, Ride On (Montgomery
Countys bus system) and the Bethesda Circulator which provides free loop
bus service in downtown Bethesda. Its also characterized by dense mixeduse commercial development which includes upscale high-street retail, high
rise apartment communities, eateries with sidewalk seating and 11 million
square feet of office space contained within the Bethesda/Chevy Chase
submarket.

Scalable Development Opportunity

The WMAL Site is the largest tract of development land in Bethesda. The
Property is zoned R-90 (medium density residential) and should permit unique
clustering of diverse housing stock including 1 acre, acre, acre lots as

well as townhomes, while still providing excellent opportunities for community

recreational uses and open space. Further, the current R-90 zoning permits
certain special exception commercial uses such as hospitality, lodging,
educational and medical uses.

by other important local streets including Old Georgetown Road (MD 187)
and Burdette Road.

Extraordinary Regional and Local Access

In addition to rich amenities provided within mass transit-oriented, downtown

Bethesda, the Property is in very close proximity to deep amenity bases in
other areas within Bethesda as well as Rockville. Westfield Montgomery Mall
is located in the northwest quadrant of I-270s intersection with Democracy
Boulevard. This 1.2 million square foot upscale regional mall is anchored
by Nordstrom, Macys and Sears, and nearing completion on a $90 million
renovation/expansion which includes Arclights first 16-screen theater on the
east coast, The Cheesecake Factory, several new restaurants and multiple
family lounges.

The WMAL Site is uniquely located at the crossroads of the Capital Beltway
(I-495) and I-270 (the Research and Technology Corridor) with approximately
1,720 feet of frontage along the Capital Beltway providing outstanding
visibility; over 240,000 cars travel through this highway intersection daily.
Primary access is provided by residential streets intersecting with Fernwood
Road; Fernwood Road intersects with Democracy Boulevard only a few
hundred yards from the I-270 interchange. Secondary access is provided

Amenity-rich Area

ICC

Transaction Team
Residential

Commercial

John Sheridan
Senior Vice President
+1 703 905 0239
john.sheridan@cbre.com

Michael Muldowney
Executive Vice President
+1 410 244 3144
mike.muldowney@cbre.com

William Roohan
Vice Chairman
+1 410 244 3122
bill.roohan@cbre.com

Nathan Barth
Client Services Coordinator
+1 703 905 0228
nathan.barth@cbre.com

Andrew Boyer
Executive Vice President
+1 703 734 4737
andy.boyer@cbre.com

Michael D. Blunt
Senior Vice President
+1 202 585 5672
michael.blunt@cbre.com

Olesya Puente
Associate Director
+1 202 585 5682
olesya.puente@cbre.com

Randall Heilig
Vice President
+1 202 585 5557
randall.heilig@cbre.com

Francisco Vieira
Client Services Coordinator
+1 202 585 5561
francisco.vieira@cbre.com

Debt & Equity Finance

David Webb
Vice Chairman
+1 202 585 5721
david.webb@cbre.com

Jamie Butler
Vice President
+1 202 585 5759
jamie.butler@cbre.com

2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your
responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends
on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CONFIDENTIALITY AGREEMENT
WMAL LAND 7115 GREENTREE ROAD, BETHESDA, MD 20817
This Confidentiality Agreement (the Agreement) is entered into as of _____________, 2015, by and between DC Radio Assets, LLC (the Owner) and CBRE,
Inc. (CBRE) and hereinafter, Owner shall be referred to as the (Disclosing Party), and ____________________________referred to as the (Receiving Party).
1.
Recitals. Owner is considering the potential sale of 7115 Greentree Road, Bethesda, MD 20817 (the Possible Transaction). Disclosing Party is willing to
provide Receiving Party with confidential and proprietary information on the condition that the Receiving Party protects such information from unauthorized use and
disclosure as provided in this Agreement. The foregoing recitals are incorporated herein.
2.
Confidential Information. The term Confidential Information means all material, data, non-public research, and commercial information provided
before, on, or after the date hereof to the Receiving Party pertaining to the Possible Transaction; but excludes information to the extent that such information
becomes generally available to the public, other than as a result of unauthorized disclosure by the Receiving Party or by persons to whom the Receiving Party
has made such information available. Receiving Party hereby agrees not to disclose any Confidential Information, except as specifically permitted herein.
3.
Prohibited Use or Disclosure. The Receiving Party shall not, without the prior written consent of the Disclosing Party: (a) use any portion of the
Confidential Information for any purpose other than the analysis, negotiation, documentation, and/or consummation of the Possible Transaction (herein
referred to as the Permissible Uses); (b) disclose any portion of the Confidential Information to any persons or entities other than to the directors, officers,
employees, and agents (collectively, Representatives) of the Receiving Party who reasonably need to have access to the Confidential Information for a
Permissible Use; or (c) directly or indirectly use, for the Receiving Partys own account or the account of any other person or entity, any portion of the
Confidential Information, or represent, advise, or assist any person or entity in so doing. Without limiting the foregoing, the Receiving Party shall use its best
efforts, including employing reasonable safeguards, to prevent any disclosure of Confidential Information in breach of this Agreement.
4.
No Disclosure of Discussion(s). Without the prior written consent of the Disclosing Party, the Receiving Party will not, and will direct its
Representatives not to, disclose to any person either the fact that any investigation, discussions or negotiations are taking place concerning a Possible
Transaction.
5.
No Representations or Warranties. Disclosing Party makes no representations or warranties concerning the accuracy or completeness of the
Confidential Information, or its sufficiency for any purpose, including Receiving Partys evaluation of a Possible Transaction, and disclaims any representations
and warranties, expressed or implied, which may be contained within the Confidential Information. The Confidential Information may be based on
assumptions and projections relating to the general economy, competition, and other factors which are subject to change. Although Disclosing Party does not
know of any Confidential Information which, as of the date such information was gathered, calculated, projected, or assessed, is inaccurate or misleading,
Receiving Party releases and discharges Disclosing Party from any claims, liabilities, damages, or losses of any kind arising from or related to any inaccuracies
in or omissions from the Confidential Information. Receiving Party agrees to exercise independent due diligence in verifying the accuracy and completeness of
all Confidential Information.
6.
Affiliates. The reference to the Receiving Party and the Disclosing Party shall be deemed to include any entity (i) in which such party has an equity or
other ownership interest, (ii) in which such party is a member (if the other entity is a non-profit or non-stock corporation), (iii) that has at least 50% ownership of
such party (directly or indirectly), and any subsidiary of that entity, and (iv) the business or affairs of which such party has the ability, by contract or otherwise, to
direct or control.
7.
Relationship of Parties; Indemnity. Disclosing Party and Receiving Party both acknowledge that no brokerage commissions, finders fees, and other
compensation is due in connection with the Possible Transaction and if such claim or claims for commissions, fees or other compensation are based in whole
or in part on dealings with Receiving Party or any other of its representatives; and both Disclosing Party and Receiving Party agree to indemnify and hold
harmless each other and their respective affiliates, successors, and assigns, employees, officers, and directors against and from any loss, liability or expense,
including reasonable attorneys fees arising out of any claim or claims by any broker, finder or similar agent for commissions, fees, or other compensation for
bringing about the Possible Transaction if such claim or claims are based in whole or in part on dealings with Receiving Party or any of its representatives.
8.
Miscellaneous.
(a) No amendment of this Agreement shall be valid or binding unless set forth in writing and executed by the party against whom enforcement of
the amendment is sought. This Agreement constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter
hereof, and it supersedes all prior oral or written agreements, commitments, or understandings with respect to such matters.
(b) This Agreement shall be binding upon and shall inure to the benefits of the parties hereto and their respective successors and assigns. Each
party agrees not to assign this Agreement to any person without the consent of the other Party.
(c) All issues and questions concerning the construction, validity, interpretation, and enforcement of this Agreement shall be governed by the laws of
the State of Maryland, without giving effect to any choice of law rules.
(d) This Agreement and the obligations hereunder shall terminate on the consummation of the Proposed Transaction between Owner and Receiving Party, or
if no such consummation between Owner and Receiving Party, then one (1) year from the date hereof.

(e) The invalidity or unenforceability of any provision of this Agreement shall not affect or limit the validity or enforceability of any other provision
hereof. If any provision shall be deemed to be invalid or unenforceable, each party authorizes any court or tribunal of competent jurisdiction to amend, revise,
or edit the unenforceable provision so as to narrow its application to the extent necessary to render it enforceable according to, or in compliance with,
applicable law.
(f) The headings of the Sections of this Agreement are inserted for convenience only and shall not constitute a part hereof or affect in any way the
meaning or interpretation of this Agreement.
IN WITNESS WHEREOF, the undersigned party has executed this Confidentiality Agreement as of the date first set forth above for the benefit of Owner.
RECEIVING PARTY:
By:

____________________________________

Address: ______________________________________

Name:

____________________________________

______________________________________

Company:____________________________________

______________________________________

Title:

____________________________________

Email:

______________________________________

Phone:

______________________________________

Please return all executed Confidentiality Agreements to Jessica Kata at Jessica.Kata@cbre.com