Normandy Sells DC Office Building for $105M
- Sep 24, 2019
Normandy Real Estate Partners has sold the 315,726-square-foot 950 L’Enfant Plaza in Washington, D.C., for $104.6 million. According to Yardi Matrix data, the seller had previously purchased the asset last year out of foreclosure. District of Columbia recorded documents show that the new owner is an entity affiliated with Boyd Watterson Asset Management.
Located at 950 L’Enfant Plaza SW, within the 2.5 million-square-foot L’Enfant Plaza mixed-use complex, the nine-story building overlooks the Southwest Waterfront and offers views of Hain’s Point, Ronald Reagan National Airport, National Landing and The Wharf—a transformative 3.2 million-square-foot development that kicked off the second phase this April. Additionally, the asset is within walking distance of the L’Enfant Plaza Metrorail Station, which provides access to five of the six Metrorail lines and is just two blocks from the Virginia Railway Express Station.
Completed in 1988, the property was designed by world-renowned architect I.M. Pei and received cosmetic renovations in 1988 and 1995, Yardi Matrix data shows. At the times of sale, 950 L’Enfant Plaza was 86 percent leased to four GSA tenants. Matt Nicholson, Jim Meisel, Andrew Weir, Stephen Conley and Dave Baker from JLL brokered the transaction on behalf of the seller.