Ocean West Capital, Hana Asset Management Purchase NASA Headquarters Building in D.C. for $360M
WASHINGTON, D.C. — An investment group led by Ocean West Capital Partners and Hana Asset Management Co. Ltd. has purchased Two Independence Square in Washington, D.C. The seller, Piedmont Office Realty Trust (NYSE: PDM), has invested roughly $50 million to renovate the building.
Constructed in 1992 as the headquarters for NASA, the nine-story, 606,000-square-foot property is located at 300 E St. S.W., about three blocks off the National Mall in Washington’s Southwest submarket.
Two Independence Square houses NASA leadership, who provide overall guidance and direction to the U.S. government. The building’s James E. Webb Memorial Auditorium hosts agency news conferences and social events.
Designed by Kohn Pederson Fox Associates, NASA’s headquarters also feature a lending library, NASA Exchange store, the history office and archives and production facilities for NASA TV. The agency occupies 99 percent of the building and renewed its lease in 2011 with a lease term running through 2028.
Hana Asset Management, a subsidiary of Hana Financial Group, is the largest financial group in Korea. The firm comprises 21 subsidiaries, including banks, securities, trusts, asset management firms, investment banks and life insurance companies. The company employs 23,000 professionals worldwide and manages $5 billion of assets throughout Asia, the Americas and Europe.
Los Angeles-based Ocean West Capital Partners will manage Two Independence Square on behalf of the new ownership group. Since its inception in 2010, Ocean West has completed over $3 billion of commercial real estate transactions and its principals have managed over 50 million square feet of office properties throughout the United States.
Piedmont Office Realty Trust Inc. is an owner, manager, developer and operator of Class A office properties located in select submarkets of major U.S. cities. The company’s more than $5 billion portfolio spans more than 18 million square feet. The REIT is based in Johns Creek, Ga., an affluent suburb of Atlanta.
Piedmont Office Realty Trust’s stock price closed on Wednesday, July 12 at $20.58 per share, down from $21.57 per share at this time last year.
— John Nelson