WASHINGTON, DC—Metro Center I is, as we reported earlier this month, in the process of trading. New details have emerged about the price, according to a source, that are largely in line with earlier accounts of the 258,692-square foot office's acquisition. The acquisition price is expected to come in at $212.7 million, or $873 per square foot. The cap rate is believed to be 5.1%.
Beacon Capital Partners put the 12-story building, located at 700 13th St. NW on the market in February. Shortly after, Fosterlane Management moved in to snap it up. The CBD office is currently 88% occupied by such tenants as Perkins Coie and Landon Butler & Co. There is also space for 13,000-square feet of street-retail.
The last time this building traded was in December 2011, when Beacon acquired it for $133.7 million.
Last year Fosterlane and Kuwait Investment Authority were behind the $294 million trade of 1200 19th St. NW, or roughly $871 per square foot-one of the highest prices per square foot for an investment sale in Downtown DC.
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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.
