1401 New York Ave, NW
The property was acquired off-market from an affiliate of Lone Star Funds in a year end transaction that took 21 days from award to close. The property is located in an irreplaceable location one block from the Department of the Treasury and the White House. The property was repositioned to create a trophy quality office environment to leverage its world class position in the heart of the Nation’s Capital.
- Highly structured transaction to acquire shares of existing, single-asset real estate investment trust (REIT).
- Complete renovation and repositioning from Class ‘B’ asset to modern, trophy quality property.
- $26M renovation included floor-to-ceiling glass curtain wall, new / expanded lobby, state of the art fitness center, high-tech conference center, upgraded elevator cabs, installation of a rooftop deck, corridor and restroom renovations, and new building HVAC system (DOAS, or Dedicated Outdoor Air System).
- Over 90,000 SF of new leasing prior to completion. Increased rents from mid-$40’s to over $70 PSF.
- Sold for $166.2M in January 2018, approximately 4-years from acquisition.