The lease, orchestrated between the GSA and property owner Amstar Group, is valued at $110 million. Cushman & Wakefield stood in for Amstar in the transaction, while the GSA represented itself.
Built in 1992, the 13-story building at 1425 New York Ave. boasts a coveted location only two blocks from the White House. Its desirable position in the city's central business district is made even more valuable for the tenant by its close proximity to the Justice Department headquarters just a few blocks away at 950 Pennsylvania Ave. NW.
Amstar acquired the property, which also features a four-level structured parking facility, in 2000 from Nomura USA for $78.5 million. And now, after instituting improvements and solidifying a full and stable tenant roster, the Denver-based real estate investment and development firm is ready to turn a profit on 1425 New York Ave.; the property is currently up for sale.
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