WASHINGTON, DC-New York’s Rockefeller Group has snapped up two properties in the area during 2011: 1100 First St., NE, in NoMa, a few weeks ago for $180 million and earlier this year, 1101 K St., NW, for approximately $200 million. Both were acquired via JVs with Mitsubishi Estate New York. 

The company is eager to expand its footprint here—assuming its requirements of pricing and location can be met, Paul McDermott, the company’s locally-based managing director, tells GlobeSt.com. Also, hopeful DC building owners should keep in mind that the city is competing with New York and San Francisco as well as Boston and parts of Los Angeles for Rockefeller’s investment dollars. 

In addition, NoMA building owners can probably focus their marketing efforts elsewhere: the company is fairly sure it has enough exposure to this submarket with its latest acquisition. “It think we bought the best asset available there,” McDermott says. “Now, we are looking in the CBD and East End for other prospects.” 

Pricing, to state the obvious, is another consideration and here the company has proven it is willing to walk away from deals it feels are overpriced. That happened in San Francisco a few times this year, he said. “But we are continuing to look there. Right now we are identifying opportunities to pursue in San Francisco for Q1 2012. We are also looking at opportunities in parts of Los Angeles and Boston.”

Pricing in DC was a little high in 2011, which McDermott attributes in part to the low interest rates. DC sellers may be a little more flexible in 2012, he says, because the area’s perception of stability has been shaken by the federal government’s cut backs and spending mandates. Rockefeller is not too concerned about that, McDermott says. “We understand the dynamics here and long term see it as a good investment.”