WASHINGTON, DC-Frankfurt-based KanAm GrundKapitalanlagegesellschaft has retained Jones Lang LaSalle to market1899 Pennsylvania Ave. It is marketing the 186,462-square-foot CBDproperty shortly afterits sale of the 227,000-square-foot Evening StarBuilding for close to $180 million.
Asking price for this building is $150 million, or roughly $820per square foot, Jones Lang LaSalle’s John Kevill tellsGlobeSt.com. He adds that he expects the building to trade in thesub 6% cap rate range. Besides Kevill, Collins Ege, Jim Molloy andSean McDermott are handling the transaction with support from SteveCollins. Designed by Leo A. Daly, the 11-story building is fullyleased.
The fund’s expectations for this trade--along with the premiumprice it got for Evening Star--point to not just DC’s strength asan investment destination but also the fact that pricingtransparency has arrived--or at least is more clear than it waseven six months ago.
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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.
