X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-The class A office property at 1111 Pennsylvania Ave. found a new owner in a recent deal purportedly valued at $156 million. A partnership involving Shorenstein Co. and real estate investor David Warner bought the 330,000-sf building from the estate of philanthropist Dr. Laszlo N. Tauber.

The 14-story tower features ground-level retail space and is almost entirely occupied by law firm Morgan Lewis & Bockius LLP, which relocated from offices at 18th and M streets to its 305,000-sf digs at 1111 Pennsylvania in 2002. Eastdil Realty was the sole broker on the deal. As per District records, the property is assessed at a proposed FY 2005 value of just over $126 million.

Located halfway between the Washington Monument and the MCI Center, 1111 Pennsylvania carries the distinction of being one of only a handful of privately owned office properties on the well-traveled stretch of Pennsylvania Avenue between the US Capitol and 14th Street. It is considered one of the premier buildings Downtown, having undergone a $40-million renovation spearheaded by Studios Architecture two years ago.

The gargantuan undertaking paved the way for Morgan Lewis’s move in; the firm had preleased the space in the late 1990s. Morgan Lewis occupies the space under a below market-rate lease–reportedly locked in at about $29 per sf–that is not scheduled to expire until the end of 2017.

Competition was steep among investors who had hoped to own the award-winning building, which is characterized by a 135-foot private terrace, two-story conference center and a prism that funnels natural light down the 14 stories. Ownership of the building last changed hands in 1999 in a $29.2-million transaction. Neither Eastdil nor the Tauber estate could be reached for comment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.