Meritage Properties JV Buys 1100 G St., NW
The property traded for $54 million with $25 million in financing arranged by HFF.
WASHINGTON, DC–A JV between Meritage Properties and a Japanese private investor represented by Tokyo Trust Capital has acquired 1100 G St., NW for $54 million. HFF marketed the 110,000-square foot property on behalf of the seller UBS Asset Management. HFF also arranged $25 million in financing for the East End building, a five-year floating rate loan.
The HFF team representing the seller included Stephen Conley, Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker. HFF’s debt placement team representing the borrower consisted of Dan McIntyre and Jay Graham.
Meritage Properties CEO Andy Nathan says that its new acquisition is a reflection of the company’s strategy of acquiring urban office properties that can benefit from a renovation and repositioning. “Having focused many of our efforts over the past several years in the greater Boston market, we are pleased to be joining with Tokyo Trust and its investor client on this exciting new opportunity in DC,” he says.
Based in Scarsdale, NY, Meritage owns properties in the greater Boston area, New York, DC and Charlotte. Local holdings include 6555 Rock Spring Park, a 232,300-square foot office building in Bethesda, Md., 50 Tech Parkway in Stafford, Va., and 1411 K St., NW.