Piedmont Sells DC Office Asset for $170M
- Mar 05, 2019
Saban Capital Group has acquired One Independence Square, a 333,815-square-foot Class A office property in Washington, D.C., for approximately $170 million. The seller, Piedmont Office Realty Trust, had purchased the asset, along with the neighboring Two Independence Square, for $345 million from Boston Properties, per Yardi Matrix data.
Located at 250 E St. S.W. in the Southeast D.C. submarket, One Independence Square rises nine stories alongside Dwight D. Eisenhower Freeway, one block south of the Federal Center SW Metro station. More than 3.1 million square feet of office space is within a quarter mile of the building.
Built in 1991, the asset is home to several government tenants, including the Department on Disability Services and D.C.’s Department of Public Works. Piedmont renovated the property in 2013 to add a rooftop terrace and updated amenities including the fitness center, café and lobby.
“(Our) sale of One Independence … reduces our exposure to the Southwest D.C. submarket and disposes of a fully stabilized asset with more than a 10-year weighted average lease term,” said C. Brent Smith, president & chief investment officer of Piedmont, in a prepared statement.
Following the acquisition, Saban now owns more than 700,000 square feet of office space in the D.C. metro, according to Yardi Matrix. Last year, the firm traded an 18th-century government building in Charleston, S.C., for $24 million.
Image courtesy of Yardi Matrix