Downtown DC Office Sells for $70M
- Oct 03, 2019
Credit Suisse has purchased 1120 G Street, a 134,964-square-foot office building in Washington, D.C., through one of its funds. According to Yardi Matrix data, the buyer used a $45 million self-financed loan for the acquisition. RREEF Property Trust sold the asset for $69.8 million, after having purchased it for $37.5 million in 2003.
Lacy Ltd. represented the buyer in the deal, while JLL advised the seller. Jim Meisel, Matt Nicholson, Andrew Weir, Stephen Conley and Dave Baker led the JLL Capital Markets team that worked on behalf of the seller. The same team was instrumental in the recent $105 million sale of an office building located in the L’Enfant Plaza mixed-use complex.
The Class B property at 1120 G St. N.W. is near Metro Center Station, in the East End submarket of downtown Washington, D.C. The White House is three blocks west and the immediate area holds numerous high-end retail, restaurants and entertainment options, including CityCenterDC, Gallery Place, Chinatown and Penn Quarter.
Completed in 1981 and renovated in 1990, the 10-story building features 13,000-square-foot floorplates and includes 8,000 square feet of retail and restaurant space, per Yardi Matrix data. At the time of the sale, the property was 75 percent leased, with the tenant roster including Hershey, Pacific Coast Council and Strategic Healthcare.