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Boutique Office Building in DC Trades for $95M
JLL Capital Markets facilitated the $95 million sale of 1099 New York Avenue, NW, an office building near the White House in Washington, DC. JLL represented the seller and procured the buyer, a joint venture between affiliates of Quadrangle Development Corporation and FarmView Ventures.
The 180,878-square-foot, 11-story property features floor-to-ceiling windows, large floor plates, and a parking garage. It is 95% leased to eight tenants with a nine-year average remaining lease term. The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Andrew Weir, Jim Meisel, Matt Nicholson, David Baker and Kevin Byrd.
“1099 New York Avenue offered a unique opportunity to invest in a trophy asset that is almost fully leased to a strong tenant mix in the nation’s capital,” Weir said. “In times of market uncertainty, investors prioritize assets with proven performance and an exceptional quality of real estate – both of which are exemplified in this property.”
- ◦Sale/Acquisition
