WASHINGTON, DC-Market Square, a 679,710-square-foot complex at 701 and 801 Pennsylvania Ave., has traded for $615 million, or $904 per square foot. Wells Real Estate Investment Trust II is under contract to buy the property at that price point. When the deal closes, which is scheduled for March 10 according to a securities filing, it will rank among the top trades in the District, besting even Brookfield’s sale of 1225 Connecticut, which traded to the World Bank for $900 per square foot late last year and before that, the 1899 Pennsylvania Ave. sale at $812 per square foot.
The DC market has been waiting for this sale to finalize: by last week, at Washington RealShare, it was common knowledge that the building was trading in the $600,000 range. Another panelist commented that at least two overseas companies made bids for the property.
Beacon Capital Partners put the property on the market at the beginning of the year. According to news accounts, the company did so at the encouragement of its lenders that wished to see the company pay down its debt.
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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.
