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Washington DC & Mid-Atlantic  + DC  + Office  |  March 22, 2024
Emily Fu
By: Emily Fu

PRP Buys Market Square for $323M 

PRP Real Estate Investment has acquired the Market Square office complex in Washington, DC., for $323 million, approximately the loan amount on the property. It is said to be the biggest office sale of the year so far. The two-building complex on Pennsylvania Avenue houses the government affairs offices of over 30 Fortune 500 companies.  

The 690,000-square-foot property at 701 and 801 Pennsylvania Avenue NW was 84% leased at the time of sale, with a seven-year average lease term. The seller was a partnership between Blackstone and PIMCO-owned Columbia Property Trust, which had purchased the asset for $611 million in 2011.  

Blackstone and PIMCO cleared the existing $325 million loan and provided $247.5 million in new debt to the buyer, PRP, in partnership with Morning Calm Office Finance. PRP plans to reposition the retail space and upgrade the lobbies, leveraging the deal’s favorable basis. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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