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Columbia, Allianz Take DC Asset for $421M
Columbia Property Trust, Inc., and JV partner, Allianz Real Estate, acquired 1800 M Street, a 581,000-square-foot office building in Washington, DC from PGIM Real Estate for $421 million. Columbia, which took a 55% interest, will serve as the managing partner responsible for property management and leasing activities, with Allianz owning the remaining 45%.
Columbia’s Nelson Mills says, “With its exceptional location, physical quality, and strong occupancy, 1800 M Street is the right opportunity to expand our presence in this key market and further our partnership with Allianz.”
The 94%-leased, “Golden Triangle” property recently underwent extensive renovations including modernizing the façade, building a new dual-entry lobby, creating a 9,000-square-foot luxury fitness center and roof deck, as well as upgrades to the elevators, restrooms, and multi-tenant corridors.
HFF’s Andrew Weir, Jim Meisel, Stephen Conley and Matt Nicholson represented the seller. HFF also procured the buyer.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
