REBusinessOnline

AXA, Stewart Investment Acquire 210,000 SF Office Tower in D.C. for $165M

1401 New York Avenue NW in Washington, D.C.

1401 New York Avenue NW in Washington, D.C., recently underwent a renovation that included replacement of the original façade with a glass curtain wall system. (Rendering courtesy of Minshall Stewart Properties)

WASHINGTON, D.C. — A joint venture between Paris-based AXA Investment Managers – Real Assets and Stewart Investment Partners has acquired 1401 New York Avenue NW, a 210,000-square-foot office property located in Washington, D.C.’s East End, for $165 million. AXA holds the majority interest in the partnership.

The sellers, Heitman and Minshall Stewart Properties, originally acquired the property in December 2013 from Lone Star Funds for $95 million. Stewart Investment Partners is a successor firm spun out from Minshall Stewart Properties.

The 12-story building is LEED Gold certified and features ground-level retail and a below-grade parking garage. The property was originally built in 1983, and recently underwent renovations that included a redesigned lobby, retail frontage, the addition of new tenant amenities and the replacement of the building’s original masonry façade with a glass curtain wall system.

This property is AXA’s second investment in the Washington, D.C., metro over the past few months. The company acquired Montgomery Tower, a 366,800-square-foot office tower located in Bethesda, Md., in October of last year for $132.8 million.

Paris, France-based AXA Investment Managers – Real Assets operates offices in 20 countries throughout Europe, Asia-Pacific and North America. The company has 74 billion euros in assets under management.

Katie Sloan

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