Carr Properties Divests West End DC Office Building for $166M

DivcoWest acquired 1255 23rd St. NW, a 341,000-square-foot office building in Washington, DC’s West End from Carr Properties for $166.2 million. The purchase was made by an affiliate of San Francisco-based DivcoWest.

The Washington, DC-headquartered REIT had acquired the building in 2011 for $137.4 million in a joint venture partnership with Canada Pension Plan Investment Board and MetLife Real Estate Investments.

Originally built in 1983, the asset underwent extensive renovations over the last several years, and earned LEED Gold certification in 2015. The building is currently 95% leased to tenants such as The Humane Society, Resolve Group, Plan International and Zero to Three National Center

Cushman & Wakefield’s Paul Collins, William Collins, Drew Flood, Eric Berkman and Shaun Weinberg handled the sale on behalf of the Carr venture.

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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.

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Carr Properties Divests West End DC Office Building for $166M

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Carr Properties Divests West End DC Office Building for $166M

Inside The Story

About Dennis Kaiser