GreenOak JV Pounces on the Lion Building
- Oct 26, 2018
JBG Smith has sold the Lion Building, a 157,000-square-foot office building in Washington, D.C., for $65 million. The buyer, a joint venture between GreenOak Real Estate and MRP Realty, financed the acquisition with a five-year, $47.6 million loan held by MetLife, according to public records.
The sale comes on the heels of JBG Smith’s $121 million sale of Executive Tower in September.
The Lion Building last changed hands in mid-2012, when JBG Smith acquired the asset from Clarion Partners in a $64.8 million transaction, per Yardi Matrix data.
Located at 1233 20th St. NW in the city’s central business district, the eight-story building is positioned two blocks south of DuPont Circle. Well-connected via both bus routes and the D.C. Metro’s Red Line, the property can be reached from Ronald Reagan International Airport within 30 minutes.
The LEED Silver property is home to a mix of tenants, including the Center for Political Accountability, the Embassy of Vietnam, JOGMEC and Interface Media Group, according to Yardi Matrix. The building was 87.1 percent leased at the end of the second quarter. The asset’s amenities include a fitness center and 240 subterranean parking spaces.
Image courtesy of Yardi Matrix