PREI Buys Trophy Office Property in Washington, D.C.
- Sep 30, 2015
Prudential Real Estate Investors has announced the acquisition of 500 8th Street, a 10-story mixed-use office building in Washington, D.C., on behalf of institutional investors.
Built in 2007, the property encompasses a 325,361-square-foot office building with 18,663 square feet of retail space and a three-level parking garage.
Located at 500 8th St., the building is situated in the city’s East End, in close proximity to the White House, the U.S. Capitol and the National Mall; it is also situated within two blocks of all six major metro lines. The building features a 10-story glass atrium, two distinct marble and granite-finished lobbies, dual rooftop terraces with panoramic views, an onsite fitness center, as well as two art exhibition areas.
Penn Social restaurant and bar, Bruegger’s Bagels and the James Beard award-winning restaurant, minibar and barmini are among the property’s retail tenants.
“500 8th Street is a trophy asset with modern, high-quality finishes in one of Washington, D.C.’s premier office submarkets,” Kevin Smith, head of Americas for PREI, said in a statement for the press. “With an improving employment outlook and the expectation that tenants’ flight to quality and amenities will continue to drive long-term demand for premier office product in the East End, 500 8th Street is well-positioned to generate strong and stable cash flows for our investors.”
Prudential Real Estate Investors is the global real estate investment management and advisory business of Prudential Financial Inc., and operates as Pramerica Real Estate Investors in markets outside the Americas, Korea and Japan.
Photo credits: Prudential Real Estate Investors