Erickson Living, a Catonsville-based operator of senior living communities, acquired the Bethesda headquarters of Marriott International in December with a plan to convert the massive property into a continuing care retirement community.
Hotel giant Marriott is relocating its home office to a new $600 million building in downtown Bethesda when its lease expires in 2022.
Erickson announced Wednesday that it will convert the 775,000-square-foot property after Marriott vacates it. Terms of the deal were not disclosed. The state values the property for tax purposes at a little under $150 million.
The building is located in the Rock Spring suburban office park off Interstate 270. Officials recently updated the area’s master plan to encourages more residential and retail uses.
“As a thriving urban center, this location provides an ideal opportunity to further expand our service offerings in the state of Maryland, as well as Montgomery County,” Erickson CEO Alan Butler said in statement. “As a trusted leader in senior housing and health care, we embrace the opportunity to serve communities by meeting the growing demand for senior housing.”
Erickson manages 20 communities in 11 states, which are home to more than 27,000 residents, including Charlestown in Catonsville and Oak Crest in Parkville.