Northwestern Mutual Purchases DC Office Building for $209M
Newmark Knight Frank facilitated the sale of the 255,968-square-foot, McPherson Building.
WASHINGTON DC – Newmark Knight Frank has completed the sale of the McPherson Building in Washington DC, on behalf of an undisclosed client. The 12-story building was purchased by Northwestern Mutual in a $209 million transaction.
This was the first time the 255,968-square-foot building had been brought to market in 24 years.
Situated on the corner of 15th Street and Eye Street, at 901 15th Street, NW, the property anchors McPherson Square; located across from McPherson Square Park and a block away from the White House and US Treasury building.
The building recently underwent a more than $30 million, trophy-level renovation project. The renovation entailed an updated two-story lobby, fitness center and bike room, and new common areas, elevators and restrooms. The property also features a three-level parking garage situated beneath the building.
The 97% leased building boasts tenants such as Booz Allen Hamilton, New York Life and Davis Polk & Wardwell.
Executive managing directors, James Cassidy and Jud Ryan of Newmark Knight Frank facilitated the sale.
Update: New building owner, Northwestern Mutual has retained Avison Young as the exclusive leasing agent for the trophy office building. The Avison Young leasing team has represented the asset for more than a decade and will continue to do so in its new partnership with Northwestern Mutual. The leasing team for the building is led by principals, Eli Barnes and Will Stern and vice president, Lauryn Harris.
Founded in 1857, Northwestern Mutual, a Fortune 500 company, provides consultation services on wealth and asset income protection, education planning, retirement planning, investment advisory services, trust and private client services, estate planning and business planning.
Newmark Knight Frank is a commercial real estate advisory firm that offers a complete suite of services and products for owners and occupiers. Operated by Newmark Group Inc., the firm employs 16,000 professionals throughout 430 offices across six continents.