Exan Capital Snags $121M DC Office Tower
- Sep 26, 2018
Exan Capital has acquired Executive Tower, an office property in Washington, D.C.’s East End submarket, for $121.4 million, from JBG Smith.
Located at 1399 New York Ave. NW, the asset comprises 130,000 square feet across 11 stories. At the time of the sale, the building was 93 percent leased. Current tenants include Pret A Manger, Kasowitz Benson Torres, Sempra Energy and The Chertoff Group.
According to Yardi Matrix, there is one available space left to lease on the third floor, offering 8,375 square feet of office space. JBG Smith purchased the asset back in January 2003, paying $63 million to CG Investments. Constructed in 2001, building features include common area Wi-Fi, access to two nearby subway stations, three passenger elevators, a fitness center and 78 covered parking spaces.
Eastdil Secured’s Managing Directors Collins Ege and Nicholas Pappas represented the seller in the transaction.
JBG Smith has been actively buying and selling within the Washington, D.C. market throughout the year. Back in May, the firm sold the Bowen Building for $140 million, to JPMorgan Chase. The 12-story property, which was 86.1 percent leased at the time of sale, now serves as the bank’s first regional headquarters.
Image courtesy of Yardi Matrix