WASHINGTON, DC-Hines is placing one of its DC office assets--a multitenant building Downtown--on the market. The building, located at 1200 19th St., NW, is one of the few LEED Platinum office buildings in the District and as a selling point offers investors a stable, diversified rent roll.
The 11-story, 334,000-square foot building is currently 86% leased to such tenants as McKinsey & Co., Squire Sanders, Navigant Consulting, Womble Carlyle Sandridge & Rice PLLC and MOI, Inc. There is also 23,000 square feet of retail space that is fully leased to restaurants and a fashion retailer. It is being marketed on behalf of the owner, the Hines US Core Office Fund.
Hines has had it hand in some of the area's most notable projects, including Columbia Square, Franklin Square and the Gannett/USA Today Headquarters—not to mention CityCenterDC, a 2.5 million-square foot mixed-use project that is beginning its condo sales. Bill Alsup, senior managing director of Hines, recently was awarded Delta Associates' "Trendsetters of the Year" award.
Hines declined to discuss the prospective sale beyond its press release. Recent transactions by the firm suggests it may be entering a period of capital recycling. Hines recently placed two Midtown Manhattan towers on the block, retaining both Eastdil Secured and CBRE to the buildings on behalf of Hines US Core Office Fund. It also reportedly is in discussions with Hilton Worldwide to build a 370-room Conrad hotel at CityCenterDC. HFF is marketing 1200 19th St., NW.
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