USAA Real Estate Secures $140M for DC Trophy Building
- Jul 15, 2019
USAA Real Estate Co. has received a loan from Principal Real Estate Investors for a 298,917-square-foot trophy office building in Washington, D.C. The financing was for $140 million, according to Yardi Matrix information.
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The 12-story building known as 700 Sixth St. was completed in 2009 and is located across from D.C.’s Capital One Arena in the East End submarket, at 700 Sixth St. NW. The property was one of the first buildings in D.C. to receive LEED Platinum Core and Shell certification upon delivery. Additionally, 700 Sixth St. achieved LEED EB O&M Platinum certification in 2014. USAA purchased the asset in June 2011 from Akridge for $168.2 million, or $560.89 per square foot, Yardi Matrix shows.
The Class A building is currently 91 percent leased to six tenants—the roster includes law firms Eversheds Sutherland LLP and Cadwalader, Wickersham & Taft LLP. The property features the city’s largest green roof on a private-sector building, having received a grant for this from the Chesapeake Bay Foundation’s Green Roof Incentive Program. Further amenities at 700 Sixth St. include controlled access, a tenant-only fitness center, four levels of underground parking and ground-floor retail space.
The JLL’s Capital Markets team of Cary Abod, Robert Carey and Evan Parker represented the landlord. HFF had originally secured the deal, prior to being acquired by JLL on July 1.
USAA has been active in the D.C. area. The company recently completed the $153 million purchase of a nearby Arlington, Va., office property.