950 L'Enfant Plaza

WASHINGTON, DC—Normandy Real Estate Partners has put 950 L'Enfant Plaza on the market. HFF is marketing the iconic, albeit Class B property that was designed by I.M. Pei as part of the broader 2.5-million-square-foot L'Enfant Plaza mixed-use complex.

Normandy acquired the note from the CMBS trust for $80.4 million and was the winning bid at its subsequent foreclosure auction in June 2018. Normandy took title to the property via foreclosure thereafter at a total cost of $84 million, including closing costs and fees.

The 315,723-square foot building is currently 86% leased to four GSA tenants with a weighted average remaining term of 5.2 years.

HFF is positioning 950 L'Enfant as a compelling investment opportunity because of its historical performance, location and long-term upside associated with more than 100,000 square feet of incremental density. HFF also notes that investors could create near-term value through the lease-up of the 39,196 square feet of vacancy.

950 L'Enfant Plaza is located in the rapidly changing Southwest submarket, which in recent years has been headlined by District Wharf—a $2.5 billion, 3.2-million-square-foot mixed-use development spanning 24 acres and 50 acres of water along one mile of the waterfront.