WASHINGTON, DC-Hines Global REIT has acquired the 267,399-square-foot 55 M St., SE on the Capitol Riverfront. The REIT acquired it from MacFarlane Partners, Monument Realty and Lehman, which developed the building in 2009.
It is now 89% leased to a number of tenants including The District of Columbia's Department of Transportation, the Federal Aviation Administration and Sayres & Associates Corp.
The building is located in the emerging Capitol Riverfront submarket, known in many quarters as the Baseball district due to the proximity of the Washington Nationals Ballpark. This was one reason the REIT acquired the property, according to Sherri Schugart, president and CEO of Hines Global REIT, along with its "long-term stable tenancy."
Hines will manage the building on behalf of the REIT. Eastdil Secured represented the seller in this deal.
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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.
