WASHINGTON, DC-One Metro Center--aka the area's metro hub—has traded for $307.5 million. Jamestown is the buyer of the property, which is being sold by Clarion Partners.
Cassidy Turley's John Campanella and Paul Spellman arranged the floating-rate loan that financed the acquisition with a bank.
The 421,235-square foot building has some near term rollover, Cassidy says in a prepared statement. Jamestown, though, "recognized the long-term value of acquiring a Class A building physically linked to the central hub of the Metro," he adds. The property's fundamentals will improve as CityCenter takes shape.
Located at 701 13th Street, NW, the six-story One Metro Center is atop and adjacent to Macy's department store. It delivered in 2003 and features a 5,000-square-foot stone and glass atrium.
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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.
