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BXP Acquires DC Property, Plans to Redevelop 320K-SF Workplace
BXP has acquired 725 12th Street, a 300,000-square-foot, 12-story property in the East End of Washington, DC, for $34 million.
BXP plans to demolish and redevelop the property into an approximately 320,000-square-foot workplace. In conjunction with closing, BXP has executed an approximately 150,000-square-foot lease with global law firm McDermott Will & Emery for the top five floors of the newly constructed trophy property and is currently negotiating with a client for the majority of the remaining space.
Lou Christopher, Jordan Brainard, Rob Copito, and Clay Hammerstein of CBRE represented McDermott Will & Emery in the lease transaction. Evan Behr of JLL represented BXP. Located in the city’s central business district, the property sits three blocks from the White House and steps from Metro Center Station.
“We are pleased to complete this creative deal, which underscores BXP’s uniquely competitive position in the property and financial markets,” stated Pete Otteni, EVP, Co-Head of the Washington, DC Region, BXP.
