WASHINGTON, DC-Jones Lang LaSalle has been awarded the property management assignment for 555 12th St., by one of its new owners, MetLife Real Estate Investors. The building was purchased in a JV earlier this month with Norges Bank Investment Management from Manulife Financial, trading for $496.5 million, or $635 per square foot, according to public records.
MetLife plans to reposition the 785,000-square foot office building in anticipation of the departure of its anchor tenant Arnold & Porter, who is leaving in 2015.
Constructed in 1998, 555 12th Street is located across the street from the Metro Center Metrorail station, occupying a full city block between 11th and 12th streets and E and F streets. It features floor plates that average 59,500 square feet. The building also houses 145,000 square feet of retail space on two concourses, including the Ristorante Tosca. CBRE is marketing the retail space.
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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.
