REBusinessOnline

Akridge, STARS Buy 116,000 SF Office Building in Downtown D.C. for $48.5M

WASHINGTON, D.C. — Akridge and STARS REI have partnered to buy 1025 Vermont Avenue N.W., a 12-story, 116,000-square-foot office building in downtown Washington, D.C. The sales price was not disclosed, but multiple media outlets are reporting the building traded for $48.5 million. The property, also referred to as The Global Building, is situated about four blocks north of the White House. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg and Ben Mann of Cushman & …

Meridian Group, WeWork Acquire Office Building in D.C. for $136.5M

WASHINGTON, D.C. — Meridian Group and affiliates of WeWork Property Advisors, an investment fund established by coworking firm WeWork, have created a joint venture to buy 1333 New Hampshire Ave. N.W., a 350,000-square-foot office building in Washington, D.C. Washington Business Journal reported the sales price was $136.5 million. Affiliates of WeWork Property Advisors are contributing 50 percent of the equity, and WeWork Cos. Inc. will lease more than 100,000 square feet of the building. …

Xenia Hotels Sells Hilton Garden Inn in Downtown D.C. for $128M

WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One

Eastern Union Funding Arranges Loan for 117-Unit Mixed-Use Project in D.C.

WASHINGTON, D.C. — Eastern Union Funding has arranged a construction loan for the development of The Rushmore, a 117-unit, luxury mixed-use development in Washington, D.C.’s Capitol Hill District. Marc Tropp of Eastern Union Funding arranged the loan through a local regional bank on behalf of developers SGA Cos. and Evergreen Private Finance. The development is located at the former Frager’s Garden Center at 1220 Pennsylvania Ave. S.E., and also includes the historic Shotgun House, …

Former Fannie Mae Headquarters to Get New Life with $640M Mixed-Use Redevelopment

WASHINGTON, D.C. — Roadside Development and North America Sekisui House LLC (NASH) have announced that the redevelopment of Fannie Mae’s former headquarters in Washington, D.C. will be named City Ridge. The name originates from the site’s location on Wisconsin Avenue, a geological ridgeline that separates the two stream valleys of Rock Creek Park to the east and Foundry Branch to the west. The $640 million, 1.1 million-square-foot project will break ground Dec. 1. The site sits on 10 …

PRP, GMF Capital Acquire 334,000 SF Office Building on Pennsylvania Avenue in D.C.

WASHINGTON, D.C. — PRP, in partnership with GMF Capital, has acquired the Presidential Building, an office building located at 1111 Pennsylvania Ave. N.W. in Washington, D.C. The name of the seller and acquisition price were not released, but media outlets report the asset sold for $338 million. Originally built in 1967, the property was renovated and expanded in 2002 from 12 stories and 253,000 square feet to 14 stories and 334,000 square feet. The property also includes a four-story …

DivcoWest Opens D.C. Office, Acquires 392-Unit Apartment Community in Northern Virginia

WASHINGTON, D.C. — Divco West Real Estate Services (DivcoWest), a real estate investment firm based in San Francisco, has opened an office in Washington, D.C. Located at 1620 L St. N.W., the new location joins the firm’s roster of offices in Boston, Los Angeles and New York. Additionally, DivcoWest has acquired Avalon Woodland Park, a 392-unit apartment community in Herndon, Va., for an undisclosed price. The company purchased the asset in partnership with Arlington, Va.-based Blackfin …

JBG Smith Sells 154,384 SF Office Building in Washington, D.C. for $65M

WASHINGTON, D.C. — Maryland-based REIT JBG Smith Properties (NYSE: JBGS) has sold the Lion Building, a 154,384-square-foot office property in Washington, D.C., for $65 million. The Lion Building, which is located at 1233 20th St. near Dupont Circle, houses the embassies of Vietnam and South Sudan. The location puts the property within walking distance of three different Metrorail stations, 500 retail stores and restaurants and eight hotels. Jim Meisel, Andrew Weir, Matt Nicholson and …

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly five miles south of Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop …

Queensgate Investments Acquires Marriott in Washington, D.C. for $54.1M, Plans Rebrand

WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development. The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in …

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