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DC Office Building Trades for $100M
DSC Partners LLC acquired 1250 Eye Street NW in Washington, DC for $100 million in a joint venture with Wafra Inc., on behalf of an institutional investor. Built in 1982, the roughly 178,000-square-foot,12-floor office building was renovated in 2007 and sits on Franklin Square, which will undergo a $14 million renovation next year.
DSC’ Nick Smith says, “We saw this as a rare opportunity to acquire and reposition a high-performing, conveniently-located building – effectively reintroducing it to the tenant and brokerage market.”
The property is 70% leased by 16 tenants, including HKS Architects, eBay and PayPal, American Hotel & Lodging Association, and the Distilled Spirits Council. It is located one block from the McPherson Square Metro Station, two blocks from Metro Center Metro Station and CityCenterDC.
NKF’s James Cassidy and Jud Ryan represented the unnamed seller, while financing on behalf of the JV was provided by NKF’s Joe Donato.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition