WASHINGTON, DC-Capitol Plaza, a NoMA office building, has traded for $149.5 million, or $512 per square foot. AREA Property Partners and Van Ness Property Group, an affiliate of Polinger Co., is selling the 291,838 square-foot office building to Principal Real Estate Investors, at an in-place cap rate of 6.7%, Cassidy Turley’s Drew Flood tells GlobeSt.com. Flood, along with colleagues Bill Collins, Paul Collins, Jud Ryan and James Cassidy represented the sellers in the transaction. “This is strong pricing for a NoMa office building,” Flood says. “It is similar to the Constitution Square deal and it demonstrates how strong NoMa is as an investor market.”
The owners acquired Capitol Plaza in 2007 when it was newly delivered and completely vacant for $94.5 million. This was also a time period when NoMa was still clearly in the emerging submarket category--a category that no longer applies.
The building is now 97.6% leased, with such tenants as Washington DC Public Schools, the US Internal Revenue Service and the US Department of Homeland Security. Indeed, NoMa itself is close to, or is at full occupancy. There are no buildings on the market with Capitol Plaza sold, Flood adds, “although we hear talk of a few buildings possibly going on the market.”
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