WASHINGTON, DC-The NoMa submarket’s arguable crown jewel--TwoConstitution Square--has traded for $305 million. StonebridgeCarrasand Walton Street Capital sold the 589,000-square-foot office toNorthwestern Mutual. Located at 145 N St., NE, the building isbetween 60 to 90 days away from completion and is fully preleasedto the Department of Justice for 15 years--making it one of themost stable new properties in the District.

StonebridgeCarras and Walton began marketing the property to aselect number of companies in mid-February after realizing latelast year that the market had begun to move for credit-tenanttransactions, StonebridgeCarras principal Doug Firstenberg tellsGlobeSt.com. "We approached dozens instead of the hundreds wenormally would for a transaction of this size." The sellersreceived multiple bids and within a month or so had forged a dealwith Northwestern. The closing took longer than usual toaccommodate the ongoing construction. StonebridgeCarras andWalton Street were represented by Cassidy Turley and NorthwesternMutual by Cambridge Property Group.

Firstenberg says the trade is one of the top five single assetsales in last five years in the District, citing Cassidy Turleycomps. The Department of Justice has accepted the first threephases of a seven-phase tenant construction project, with plans tofully occupy the building by late fall. Two Constitution Square hascompleted its documentation with USGBC for a Platinum Certificationunder the LEED for Core and Shell program and expects formalcertification this summer. Northwestern Mutual has retainedStonebridgeCarras Management to continue managing the building.