Global Holdings Closes $415M Washington Harbour Deal
Washington Harbour is one of only five institutional-quality office buildings located on the water in the District.
WASHINGTON, DC–Eyal Ofer’s Global Holdings Group has closed on its acquisition of Washington Harbour for $415 million. The seller was Principal Real Estate Investors, on behalf of a consortium of South Korean investors with Simone Investment and Hana Alternative Asset Management acting as the managing members. The property traded free and clear of existing debt.
An iconic mixed-use property in the heart of Georgetown, the 562,105-square foot Washington Harbour consists of two large buildings located at 3000 and 3050 K streets, NW. It is one of only five institutional-quality office buildings located on the water in the District.
The property is currently 98% leased to 31 tenants, including Foley & Lardner LLP and Kelley Drye & Warren LLP, which have been at the property more than 25 years. Other tenants include tech companies, defense contractors, law firms and consultants.
Washington Harbour is the third major investment by Global Holdings in the last two years; other significant investments have been Nomad Tower and 25 Kent in New York City. The three properties represent a combined asset value of $1.4 billion. Washington Harbour is also the second Washington-based real estate asset owned by Global Holdings, which also owns the Courtyard Washington Convention Center at 900 F St, NW.
We are strong believers in the long-term success of this market, and assets like Washington Harbour present a great way to continue to broaden our office portfolio, Eyal Ofer, Chairman of Global Holdings Group, said in a prepared statement.
The HFF’s Stephen Conley, Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker represented the seller in this deal. The marketing effort was further supported by CEO Mark Gibson, Manny de Zárraga and HFF’s Global Capital Team comprising Dan Cashdan, Riaz Cassum, Coleman Benedict and Gerry Rohm.