Lincoln Property JV Acquires DC Office Asset for $35M

The partnership plans to redevelop the site into a Class A residential property.
1313 L Street. Image courtesy of JLL

The National Association for the Education of Young Children (NAEYC) has sold 1313 L Street, an 84,040-square-foot office property in Washington, D.C. A partnership between Lincoln Property Co. and Cadillac Fairview purchased the building for $34.7 million, according to public records. JLL Capital Markets represented the seller and procured the buyer.

The joint venture completed the acquisition with a $27.7 million self-financed loan. The buyer plans to redevelop the building into a Class A residential property. The asset last traded in 2004 when NAEYC acquired it from Service Employees International Union for $20.9 million, according to Yardi Matrix.

Completed in 1984 and renovated in 2011, the six-story property is located at 1313 L St. NW in Washington’s central business district. All six metro-rail lines are available within walking distance. Additionally, the building is near the intersection of Vermont and Massachusetts avenues and less than a mile from Interstate 395.

JLL’s Dek Potts, Susan Carras, Walter Coker and Brian Crivella brokered the deal. Rich Lane and Eric West of West, Lane & Schlager will assist NAEYC in finding a new headquarters.

Lincoln Property Co. is also active in western U.S. markets. Earlier this month, the firm partnered with Clarion Partners in the $169 million acquisition of Jefferson Creative Campus, a 152,146-square-foot office park in Los Angeles.