Located at 80 M Street in the city's southeast section, the complex is fully leased with tenants such as Marconi North America, Systems Planning and Analysis and Comptex. The companies lease 90,707 sf, 10,800 sf, and 16,000 sf, respectively. Most of the building's tenants work in some capacity with the Naval Seas System Command, which moved from Arlington, VA to the District's Naval Yard area in early 2001.
The Navy Yard, which was a downtrodden area not so long ago, is now viewed as an up-and-coming market. "We received 14 offers on our call for offer day and negotiated with four finalists," Spaulding Principal Brian Dawson shares with GlobeSt.com. Crow won out and purchased the property for one of its co-mingled funds. While Dawson is not at liberty to disclose Prudential's original investment, he did say that the building turned out to be worth more than expected, thus the recent disposition. "There was a significant increase in value, and Prudential wanted to obtain that value," he explains.
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