The American Society of Health-Systems Pharmacists (ASHP, 1942-) - The Second-Largest Professional Society of Pharmacists in the United States

[Biotech]

On 7/21/2016 at 2:52 PM, DaveO said:

Now some more background--also a little real estate related.  4500 East West Highway got its first, largest and main tenant, the American Pharmacists Association via their association's relocation from 7272 Wisconsin Avenue, a building their 501C3 had purchased and owned since 1992.   The building had been built and delivered around 1990, one of the worst times for commercial real estate developers in modern history.  I recall that building and its plans.  I had worked on selling sites in Bethesda around that period, and was engaged in for me, one of the more dramatic experiences when interacting with big time developers.  For me at least it resurfaces as a vivid memory as we watch Donald Trump, TV personality and real estate developer perform in front of the entire US.

In any case the Pharmacists were able to buy the relatively new 7272 Wisconsin Avenue for a great price...at that time and going forward--between $21 and $22 million.  That price enabled the Association to occupy the majority of the office space at 7272 for a very reasonable rent I suppose.  24 years later, the possibility of the Purple Line rail system in Montgomery County effected an effort by the county to demolish 7272, build a newer building, expand the lower levels to accommodate a rail system Access/Exit station.  With all that they also provided the ground holders with an extraordinarily high development density that made the property at 7272 infinitely more valuable. and even more valuable than the discount price that the pharmacists purchased the then newish building.

So the pharmacists were able to sell 7272 Wisconsin for over $105 million to a new developer, allow for its demolition for an all new massive development...and move into 4500 East West Highway...and probably rent the space at pretty danged high Bethesda rental rates.....and still make out with a huge financial windfall. 

On top of all that, they are getting a brand new spanking Peter Chang restaurant on the first floor....rather than some chintzy McDonald's.       Hmmm...I think the Pharmacists 501c3 or its successor should underwrite lunches for the staff.  (just my opinion)....but what else are they going to do with the money?

Of course all of this is irrelevant to the proposed restaurant and quality of the food, but so long as Don is writing about suburban strip centers and their various food offerings...I thought I'd add a little real estate context to this new restaurant. 

One point of clarification. We (don't know why I say "we" as I'm not a pharmacist) are actually the American Society of Health-Systems Pharmacists (ASHP). The American pharmacists Association (APhA) is downtown renting space in a State Department Building. We're very different associations (some may say friendly rivals). ASHP has been a fixture in Bethesda for decades  - even before we bought the building at 7272 we had rented space on Montgomery, I think. 

Food Wine & Co was the default restaurant for ASHP to hold business lunches at. I suspect Q will be the same. 

[DaveO]

Thank you for the clarification.  I don't know anything about either association, but the decision makers for your association made a heckofa financial decision back in the early 90's;  one which was made with all sorts of financial models.  I bet none of the models ever got close to predicting what occurred to the value of the building. 

I have no vote on this issue, (in fact there might never be a vote!!!) but if I did I'd vote to subsidize meals at Peter Changs!!!!