WASHINGTON, DC-Hamilton Square, a trophy office building locatedat 600 14th St., NW, has traded for $198 million. CommonwealthPartners acquired the nine-story, 248,495-square foot property fromSan Francisco-based Shorenstein Partners after the asset was on themarket for slightly more than two months.
John Kevill, Collins Ege, Nick Pappas and Sean McDermott ofEastdil Secured brokered the transaction. In an earlier interviewwith GlobeSt.com, Kevill predicted the building would trade inthe $200-million range.
His reasoning, clearly on the money as it turned out, was thatcore, stabilized assets in the District were trading at that pricepoint, especially during the run up to the presidential election.In addition, the trophy status of the property and its location—inthe middle of the East End close to the White House and the USDepartment of Treasury—makes it a highly-coveted asset for aninstitutional investor’s portfolio.
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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.
