Carr Properties has acquired 1401 New York Avenue NW, a 211,500-square-foot, 12-story Class-A office building in downtown Washington, D.C, for $85 million.

Carr acquired the property in partnership with Barings. The partnership plans to implement a capital improvement program. “Our acquisition of 1401 New York Avenue NW is consistent with our strategy of owning and operating differentiated, high-quality buildings in our core markets,” said Oliver Carr, CEO of Carr Properties. “The building’s premium quality, prominent visibility, and proximity to the White House position it well to capture growing leasing demand for high quality office space.” Eastdil Secured represented the seller in the transaction.

Planned renovations consist of an upgraded rooftop, including the addition of an enclosed interior space for functions and events. Additionally, the lobby will be updated to include new finishes, art and security measures. The existing fitness center and conference facilities will also undergo renovations. 1401 New York Avenue NW features a floor-to-ceiling glass façade with two corner exposures and views of the White House and Washington Monument from the rooftop.

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