High-rise commercial buildings

Sub Markets

Property Sectors

Topics

Washington DC CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Washington DC & Mid-Atlantic  + Office  | 

$150M Ground Lease Executed in Washington, D.C.

Safety, Income & Growth Inc. (SAFE) originated a new $150-million ground lease, the largest single asset lease in its portfolio, on a trophy office building located at 1111 Pennsylvania Ave. in Washington, DC. SAFE’s customer utilized the ground lease to help capitalize the acquisition of the property.

The property is a Class A, 14-story office building centrally-located directly between the White House and the Capitol Building, and two blocks from three metro stations. The building is 100% occupied by Morgan, Lewis & Bockius.

SAFE’s Jay Sugarman says, “We’re pleased to see that our ground lease product is starting to gain attraction in the Washington D.C. market, where this year we’ve closed five deals for nearly $270 million. This deal demonstrates that SAFE can deliver its value-enhancing product to its customers at any scale.”

The leasehold was purchased by a venture with majority ownership from PRP, LLC and leasehold financing from a third-party global institutional lender.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With SAFE’s Sugarman

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Lease