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D.C. Investment Sales Market Heating Up, Expected To Catch Fire Later This Year

Courtesy of ASB Real Estate Investments The office building at 64 New York Ave. NE. A handful of big deals closed in April, several buildings have come onto the market, and experts believe that D.C.-area investment sales volume will increase significantly in the second half of this year.  The renewed activity in the capital markets comes as more employers are planning to bring employees back to the office this year, giving investors the confidence to place large bets on the office market s future. The bets that have been placed thus far have been on the safest assets those with long-term, stable tenants but experts see investors beginning to take a closer look at assets with vacancy or upcoming lease expirations that create more risk, but also more opportunity to add value. 

Meridian Group Buys Northern Virginia Office Campus

Meridian Group Buys Northern Virginia Office Campus JLL Capital Markets represented the sellers and procured the buyer of the two-building asset. Apr122021 Image courtesy of JLL Just over a decade after acquiring Plaza East in Chantilly, Va., MRP Realty and Rockpoint Group have sold the 247,000-square-foot office complex to The Meridian Group. MRP and Rockpoint secured a buyer with the assistance of JLL Capital Markets, which, in addition to representing the sellers in the transaction, assisted the buyer in obtaining acquisition financing for the fully leased, two-building asset in Northern Virginia, just outside Washington, D.C. MRP and Rockpoint had owned Plaza East since 2010, when they purchased the HOK-designed campus from lender General Electric Co. following the previous owner’s loan default. The partners had acquired the property for $31.6 million with the aid of a $30 million loan through EagleBank, according to CommercialEdge data. Developed by Tish

Jones Lang LaSalle Inc. (via Public) / Boutique Washington, D.C. office building sold for $58.5M

Boutique Washington, D.C. office building sold for $58.5M WASHINGTON, D.C., Jan. 6, 2021 -JLL Capital Markets announced today that it has closed the $58.5 million leasehold sale of 1717 Rhode Island, a 157,050-square-foot boutique office building in the heart of downtown Washington, D.C. JLL marketed the property on behalf of the seller, BentallGreenOak. Tritower Financial Group purchased the asset. 1717 Rhode Island provides a first-class amenity package that includes private terraces on the upper floors, a fitness center, two-story lobby and a three-level parking garage. The property is 86 percent leased with 7.3 years of WALT to six tenants, including Uber, which uses the property as its East Coast hub; Steve Case s Revolution; and The Case Foundation.