Phillip McCarthy, Keith Foery and Guy Copperthite of Transwestern and Doug Olson and Bethany Allen of Monument Realty represented the seller. Bernie McCarthy, Rita Robison and Bob Shue of Jones Lang LaSalle represented Kaiser Foundation Health Plan.
The sale was a good transaction – even without considering the economic and financial issues impacting commercial real estate, Michael J. Darby, owner of Monument Realty, tells GlobeSt.com. "Anytime you can sell a building, get a good price and recover the equity you had in the deal, that is a positive thing."
Monument Realty has owned the property since 2001 when it purchased the IBM building and the adjacent 33 acres of land from IBM. Monument Realty later sold the IBM building to Wells REIT and began developing the vacant land. The transaction closed less than 90 days after the term sheet was executed, Darby says – despite the complication of having multiple owners of a commercial condo association approve various aspects of the deal.
Monument Realty recently restarted the renovation of Potomac Place Tower, a 396-unit condominium in Southwest Washington, DC. It also signed its first lease at 55 M Street, a 275,000 square foot office building located directly above the Navy Yard Metro in the Capitol Riverfront neighborhood.
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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.
