EYA, Bernstein Management jointly redeveloping GEICO headquarters

EYA and Bernstein Management Corp. are jointly under contract to acquire and redevelop GEICO's 514,000-square-foot former Friendship Heights headquarters into, initially, more than 500 residences, the firms say.

Multiple outlets, including the Business Journal, previously reported that Bethesda's EYA LLC and D.C.'s JM Zell Partners were jointly tackling the ambitious development, based on a letter to the community from an EYA attorney.

But it is Bethesda-based Bernstein Management, a 70-year-old real estate investment and management firm with a portfolio of more than 85 properties, that will serve as EYA's partner. Bernstein is EYA's acquisition equity partner across virtually every project it undertakes stemming from a 2019 joint venture agreement.

Zell is representing GEICO through the land use review and sale processes. JM Zell, led by Jeff Zell, will participate in the entitlement process on GEICO's behalf as well as oversee demolition and site preparation across the site at 5260 Western Ave. before the property changes hands.

Read the full article at the Washington Business Journal.