Post Brothers Spends $228M for City-Block Sized Office Complex in DC
Newmark has completed the $228-million sale of Universal North and South, two Class B office buildings totaling 659,459 square feet and encompassing an entire city block near Dupont Circle in downtown Washington, DC.
Jud Ryan and James Cassidy of Newmark represented the seller, JBG Smith. The property was acquired by Post Brothers and marks the buyer’s first foray into the Washington, DC market.
Universal North and South is a two-building office complex located at 1825 and 1875 Connecticut Avenue NW. Universal North is a 12-story 368,071-square-foot value-add asset 40% leased at the sale. Universal South is a 10-story, 291,387-square-foot, cash-flowing asset that was 98% leased at the sale.
The project can accommodate an additional 73,428 square feet of by-right density. The profile and location of these assets presented an opportunity for investors to execute multiple strategies, including renovating, repositioning or redeveloping for alternative uses.
- ◦Sale/Acquisition
