the $758-million ApolloReal Estate Advisors Value Enhancement Fund VII, LP. Jones LangLaSalle's William Craig and its Public Institutions GSA NationalBroker Contract Account team represented government.
This summer, Municipal Associations sold the nine-story,131,141-sf building for $44.9 million. BillCollins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy ofCassidy & Pinkard Colliers represented the seller. Duringnegotiations for the sale it was unclear whether the JusticeDepartment would renew the space, according to comments Ryan madeto GlobeSt.com at the time. Cassidy & Pinkard Colliers did notreturn a call to GlobeSt.com in time for publication today.
The owners will embark on a $7-million renovation of thebuilding in conjunction with its newly renewed lease, according toan earlier statement by Apollo. The Bureau of Prisons will remainin the space during the construction, according to a statement byLeBlanc. The building at 500 1st St. was built in 1969 and lastrenovated in 1989.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
