WASHINGTON, DC—A source tells us that an East End office building is trading for $260 million, or $892 per square foot. Namely, 1101 K St., NW, has found a buyer, UBS AG, and the deal is currently pending, the source says.
The seller is a JV between Rockefeller Group and Mitsubishi Estate New York. The duo acquired the 10-story, 291,480-square-foot building in 2011 for $199 million. It is current 96% occupied and has about 15,825-square feet of street level retail.
GlobeSt.com reached out to the Rockefeller Group for comment but did not receive a response.
The acquisition was Rockefeller Group's first purchase in the Washington, DC market, the company said at the time.
The company also owns 1100 First St., NE, which it acquired in December 2011 for $172 million.
As of October 2014, the combined AUM for The Rockefeller Group's existing investment management platform, including Rockefeller Group US Premier Office Fund LP, separate accounts and Europa Capital, totaled approximately $4 billion. Mitsubishi Estate manages approximately $16 billion.
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