WASHINGTON, DC–Columbia Property Trust and joint venture partner Allianz Real Estate have acquired 1800 M St., NW, for $421 million.
Columbia is taking a 55% stake in the building and will serve as the managing partner for property management and leasing activities. Allianz owns the remaining 45% interest. This is the fourth asset owned by the joint venture of Columbia and Allianz, which was formed in July 2017.
“With its exceptional location, physical quality, and strong occupancy, 1800 M Street is the right opportunity to expand our presence in this key market and further our partnership with Allianz,” said Nelson Mills, Columbia's president and CEO in a prepared statement.
The acquisition brings Columbia's Washington, DC portfolio to approximately 1.6 million square feet.
In addition to 1800 M St., the joint venture of Columbia and Allianz also owns University Circle in Palo Alto, 333 Market Street in San Francisco, and 114 Fifth Avenue in Manhattan.
HFF's Andrew Weir, Jim Meisel, Stephen Conley and Matt Nicholson represented the seller.
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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.
