HFF Closes $121.4M Carroll Square Leasehold Sale
- Sep 10, 2012
Holliday Fenoglio Fowler L.P. it has closed the leasehold sale of downtown Washington, D.C.’s Carroll Square. HFF represented the seller, Seaton Benkowski & Partners. The property was acquired by Munich-based GLL Real Estate Partners for $121.4 million. The German real estate investment advisor has also assumed an existing loan on the property.
Carroll Square is located at 975 F St., N.W., in the heart of downtown Washington’s East End neighborhood. It is a 178,000-square-foot, Class A office property that stands 10 stories high. According to its Web site, the property is fully leased and is home to major law firms, investment and communications companies, and government affairs offices. The Archdiocese of Washington, D.C.; Seyfarth Shaw; Holland & Hart; Fitzpatrick, Cella, Harper & Scinto; Le Pain Quotidien; Leica Camera; and Coco Sala are some of its tenants.
The building offers its tenants unique office and retail opportunities. It features new construction as well as seven late 19th century commercial townhomes. Carroll Square also includes a small, 700-square-foot public art gallery, three rooftop terraces and a “pocket park” located between the office building and St. Patrick’s Catholic Church to the north. Five different Metro lines are within walking distance of the property. Gallery Place, the Verizon Center and the New Convention Center are also close by.
SBP partnered with Akridge in the development, leasing and management of Carroll Square. The building was designed by SmithGroup and was completed in 2007. At that time, the Maryland/DC Chapter of the National Association of Industrial and Office Properties (NAIOP) recognized it as the “Best Urban Office Building” of the year. It also received the Associated Builders and Contractors Award of Excellence for a Preservation Project, and was presented with the Mayor’s Award for Historic Preservation.
Managing director Stephen Conley and senior managing directors Jim Meisel, Dek Potts and Andrew Weir led the HFF team that represented Seaton Benkowski & Partners. They were supported by real estate analysts Matt Nicholson and Jessica Dickinson.
Image courtesy of Akridge.
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