WASHINGTON, DC-Invesco Real Estate has acquired the Presidential Building at 1111 Pennsylvania Ave., NW, one of the city’s trophy buildings, on behalf of an institutional client. Invesco did not reveal the pricing, but a source tells GlobeSt.com that it traded for $220 million, or $665 per square foot, and at a 4.9% cap rate.
The seller was 1111 Pennsylvania Holdings LLC, which had owned the property since acquiring it in August 2004. The Washington DC office of Eastdil Secured was the sole broker in the transaction.
The 14-story, 331,000-square-foot office building is leased to the law firm of Morgan Lewis. It is one of only nine privately owned buildings fronting on Pennsylvania Avenue between the White House and the US Capitol.
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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.
