WASHINGTON, DC—1575 Eye St., NW, has sold for $107.9 million. GlobeSt.com reported last month that this transaction was pending.
On Wednesday morning, Cushman & Wakefield announced that Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy represented the seller, a joint venture between Carr Properties and the American Society of Association Executives, in the sale.
ASAE has been an anchor tenant and investor in the building since it delivered in 1979.
C&W didn't announce the seller. Our source tells us it is a high-net worth buyer from Qatar's ruling family.
The building is anchored by the US Department of Veterans Affairs and the US Federal Aviation Administration.
Carr Properties will continue to provide property management services for the new owner.
Marketing materials by DTZ, which Carr Properties retained to sell the building, indicated that the Veterans Affairs lease was below market and had a projected 39% base rent increase upon its 2020 expiration.
We are speaking with C&W about this transaction later today so please return for an update.
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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.
