WASHINGTON, DC-In a staggering $461-million transaction, National Office Partners LP has sold the trophy office building at 1001 Pennsylvania Ave. to TIAA-CREF with the assistance of real estate services firm Cassidy & Pinkard. NOP, a Texas-based partnership established in 1998 between Hines and CalPERS, walked away with $575 per sf for the 802,000-sf property 15 years after Hines acquired an 80% interest in the building.

The facility was sold as part of a five-property package that fetched a total of nearly $1.5 billion. For additional information, go to TIAA-CREF Closes on IDX Tower, 4 Others from Hines, CalPERS.

District records list 1001 Pennsylvania Ave.’s proposed 2005 assessed value at $191.4 million; however, the thriving DC office market, the property’s highly desirable location between the White House and the US Capitol and its stellar tenancy–1001 Pennsylvania is 99% occupied, with leading law firm Crowell & Moring LLP leasing 336,000 sf or 42% of the building through April 2015–undoubtedly contributed to the sale price.

Occupying an entire two-acre city block, 1001 Pennsylvania Ave. is surrounded by such prominent District structures as the FBI Headquarters, the Old Post Office Pavilion and the Ronald Reagan Building. The 14-story tower with the limestone facade was designed by the architectural firm of Hartman Cox and reached completion in 1987.

In addition to its class A office space, the premiere structure also features 41,000 sf of ground-level retail, as well as a three-level underground parking facility. Other office tenants include private equity firm the Carlyle Group, and law firms Dorsey & Whitney LLP and Fried, Frank, Harris, Shriver & Jacobson. Retail tenants range from Bank of America to the TenPenh restaurant.

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