Fully Leased DC Office Property Trades for $209M
- May 26, 2010
May 26, 2010
By Barbra Murray, Contributing Editor
The 381,000-square-foot office building at 1350 I Street NW, in Washington, D.C., has come under new ownership just four years after seller Beacon Properties snapped it up for $200 million. Edge Fund Advisors, acting on behalf of HSBC Alternative Investments Ltd (HAIL) and a syndicate of HSBC Private Banking Clients acquired the fully leased property in a transaction valued at, according to the Wall Street Journal, $209.2 million.
Located on Franklin Square Park just a few blocks from the White House, 1350 I Street was developed in 1989 by Manulife Financial. In addition to Class A office space, the property also features a nearly 5,400-square-foot fitness facility and four levels of below-grade parking accommodations. There’s no room available on the 12-story building’s tenant roster; all space is accounted for by a list of occupants that includes the Grocery Manufacturers Association, law firms Spriggs & Hollingsworth and Beveridge & Diamond, and others.
Edge and HAIL have teamed up on Washington office investments in the past. In a joint venture partnership in December 2009, the two entities acquired 90 percent interest in the 385,000-square-foot property at 1625 I Street from Brookfield Properties for $203.4 million.