Hamilton Square Expected to Sell for $200M
- Apr 01, 2012
Shorenstein Properties has put Hamilton Square, the former Garfinckel’s Department Store at 600 14th St., N.W., on the market. The San Francisco-based real estate investor has retained New York-based real estate investment banking firm Eastdil Secured to sell the property. Although the asset is listed without a sale price, Eastdil expects to sell the landmark building for more than $200 million.
The nine-story Hamilton Square was constructed in 1929. It operated as the flagship store for Garfinckel’s until 1990, when the prominent department store chain filed for Chapter 11. The store remained vacant after the Garfinckel’s bankruptcy and was redeveloped in 1999 as a modern office building. Skidmore, Owings & Merrill L.L.P.–one of the leading architecture, urban planning, interior design and engineering firms in the world–handled the renovation, which retained the original facade and lobby. The building was placed on the National Register of Historic Places in 1995.
Hamilton Square offers tenants high ceilings, a lobby with Botticino Classico marble floors, cherry-wood walls, custom artwork by Diana Moore and Bo Bartlett, state-of-the-art systems and a green rooftop that can be used to host various events while offering views of the Washington monument, Lincoln Memorial, Treasury Building and National Mall. The building’s location is another strong point: Hamilton Square is located one block from the U.S. Department of the Treasury and less than two blocks from the White House, in the East End submarket of the city.
Shorenstein acquired the 248,495-square-foot property in December 2003 for $93 million. Notable tenants include Pepper Hamilton L.L.P., Roetzel & Andress, IBM and Koch Industries.
Image courtesy of www.shorenstein.com.