WASHINGTON, DC—Normandy Real Estate Partners announced that it has acquired the National Press Building located at 529 14th St. NW. The sellers are a venture between AEW Capital Management LP and Quadrangle Development Corp., and it traded for $155.5 million, the Washington Business Journal reported – a price point that is $12 million less than what the sellers paid for it five years ago.
This is the second purchase Normandy Real Estate Partners has made in the area within the last several weeks. It has also acquired President's Park, a three-asset office portfolio located on Sunrise Valley Dr., totaling about 600,900 square feet for $81 million.
WASHINGTON, DC—Normandy Real Estate Partners announced that it has acquired the National Press Building located at 529 14th St. NW. The sellers are a venture between AEW Capital Management LP and Quadrangle Development Corp., and it traded for $155.5 million, the Washington Business Journal reported – a price point that is $12 million less than what the sellers paid for it five years ago.
This is the second purchase Normandy Real Estate Partners has made in the area within the last several weeks. It has also acquired President's Park, a three-asset office portfolio located on Sunrise Valley Dr., totaling about 600,900 square feet for $81 million.
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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.
