WASHINGTON, DC–A source has told GlobeSt.com that 1401 New York Ave., is trading for $165 million, or $555 per square foot. The current owners are Minshall Stewart and Heitman Capital, which acquired the East End office in the fourth quarter of 2013 for $95 million. The buyer, we are told, is a European-based institutional investment manager. Minshall Stewart did not return a request for comment in time for publication.
This East End office has been steadily appreciating in value with each trade. Minshall Stewart and Heitman Capital acquired the building from Lone Star Funds for about $71 million when it was about 60% occupied. After the deal went through, the two companies invested considerably in its renovation.
Designed by architect J.P. Spickler, the renovated building now features a glass curtain facade as well as 3,300 square feet of outdoor space with views of the White House, which is just half a block away. The renovation did what it was supposed to do: that is, attract new tenants. Boies, Schiller & Flexner LLP, as one example, took the 10th and 11th floors while the renovation was underway.
WASHINGTON, DC–A source has told GlobeSt.com that 1401
This East End office has been steadily appreciating in value with each trade. Minshall Stewart and Heitman Capital acquired the building from Lone Star Funds for about $71 million when it was about 60% occupied. After the deal went through, the two companies invested considerably in its renovation.
Designed by architect J.P. Spickler, the renovated building now features a glass curtain facade as well as 3,300 square feet of outdoor space with views of the White House, which is just half a block away. The renovation did what it was supposed to do: that is, attract new tenants.
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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.
