Union Square Trades to Network Realty Partners, USAA
Local company Network Realty Partners makes its first major acquisition.
WASHINGTON, DC—Arlington, VA-based Network Realty Partners and equity partner USAA Real Estate, have acquired the 625,506 square foot Union Square office complex located at 899 and 999 North Capitol St., NE. This is the company’s first major acquisition. Financial terms were not revealed.
The Union Square complex comprises two 9-story office buildings and a central courtyard development site. NRP intends to introduce a complementary use on the courtyard site and redevelop the complex into a 18-hour, mixed-use office environment.
Union Square is a long-term hold for NRP and fits with its strategy of acquiring significant assets in developing areas to create an amenitized workplace environment, said Rod Lawrence, a managing partner of NRP and 30-year veteran of prominent Washington-area real estate development firm, JBG, in prepared remarks.
Originally constructed in 1969 and renovated in 2012, the Union Square office complex is nearly 90% leased to government and non-profit tenants.
Dek Potts, Jim Meisel, Matt Nicholson and Sean Kraft of JLL were the brokers in the transaction.
Lawrence and co-founder Bill Morris launched NRP in late 2018 as a diversified real estate investment and development company focused on urban, place-based office and mixed-use properties and investing in transit-oriented metro submarkets.