Marcus Partners Snags $26M DC Office Asset
- Aug 20, 2018
Marcus Partners has acquired the Jefferson Building, an eight-story boutique office property in the Golden Triangle neighborhood of Washington, D.C. The asset was purchased from Invesco Real Estate for $26.4 million and subject to a $20 million Burke & Herbert Bank loan, according to Yardi Matrix.
Located at 1225 19th St. NW, the 73,152-square-foot building is within close proximity to the four Metrorail stations, restaurants, retail and entertainment options. Features include four full sides of glass, 7,254 square feet of retail amenities on the first level and below grade parking. Marcus Partners will be implementing a capital improvements plan on the property to upgrade the lobby, common areas and building systems.
CBRE’s Executive Vice President Kevin Howard and Vice President Lara Nealon will continue on as the property’s leasing agents, while Lincoln Property Co. will continue to manage the building.
Unique investment opportunity
The Jefferson Building is the only asset in the central business district to offer a nearly 10,000-square-foot availability for a single tenant to occupy the entire top floor.
“The Jefferson Building’s rare, top floor availability is a truly unique opportunity for a modestly-sized tenant to establish a strong presence on its own exclusive floor,” Andrew Dolinsky, regional director at Marcus Partners’ Washington, D.C. office, told Commercial Property Executive. “Tenants also benefit from the property’s expansive views through its massive windows and spectacular location proximate to the metro, a variety of amenities, and DuPont Circle.”
Marcus Partners has become increasingly active in the metro D.C. market in recent years, opening a regional office a year ago, led by Dolinsky to both support the company’s 1 million square feet of local real estate and to source new acquisitions. Last November, the firm acquired 3170 Fairview Park, a 275,000-square-foot office complex in Falls Church, Va.
Image courtesy of Nick Waring