Carr Properties Buys, Sells Assets in DC

A Carr Properties holding. Photo by Carr Properties

WASHINGTON, DC–Carr Properties has closed two separate transactions: the sale of 1255 23rd St. NW and the purchase of 350 Morse Street, NE. These transactions followed on the heels of Carr’s recent $300 million convertible debt investment by Clal Insurance Enterprises Holdings.

1255 23rd St. NW is a 341,000-square-foot West End office building with multiple tenants, including the Humane Society of the United States. Carr entered into a joint venture in 2011 with the Canada Pension Plan Investment Board and MetLife Real Estate Investments to purchase the building for $137.4 million. The building then received extensive renovations and upgrades and after the improvements were completed, the owners signed more than 269,000 square feet of leases.