WASHINGTON, DC–The Madison OfficeBuilding, a 98,000-square foot property at 1155 15th St., NW,connected to the famous hotel, has traded to a Saudi investor for$34.9 million, a source tells GlobeSt.com. The seller isAtlanta-based Jamestown Properties, which acquired the officebuilding in 2011 as part of its larger $123 million acquisition of the MadisonHotel.
More than a year later, Jamestown sold the hotel portion to Loews Hotels &Resorts, after spending about $25 million on itsrenovation, a project on which First Finish, Design 5280 andStudios Architecture worked.*
Now, it is divesting itself of the office building for$370 per square feet and a 3.6% in place cap rate.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
