Boston Properties Lists DLA Piper-Anchored Trophy Asset
- Jun 03, 2015
Boston Properties is selling another property in the District. The Boston-based real estate investment trust has hired DTZ to market the trophy office building at 500 Eighth St., N.W., home to renowned law firm DLA Piper.
The REIT constructed the property in 2007, based on designs by Hartman-Cox Architects. It occupies a 0.81-acre site, midway between the White House and the U.S. Capitol Building, in the vibrant Penn Quarter neighborhood. Standing 10 stories, the Class A office building totals 325,426 square feet. Amenities include two rooftop terraces, a fitness center, ground-floor retail space and a three-level, below-grade garage with 284 spaces. The building also features dual lobbies and a second entrance at 505 Ninth St., N.W.
According to DTZ, the property is currently 98 percent leased, with DLA Piper occupying 73 percent of the space on a lease due to run until 2022. Other tenants include Heurich Gallery, Minibar and Penn Social.
Boston Properties did not reveal the asking price for the property, but PropertyShark lists the current market value at about $273 million. The property is held in a joint venture, with Boston Properties owning a 50 percent share.
Photo courtesy of DTZ.