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WASHINGTON, D.C. — Clarion Partners has sold One Metro Center, a 421,235-square-foot trophy office building in Washington, D.C., to Jamestown for $307.5 million. The iconic property is located at 701 13th St. in the city’s East End.
Delivered in October 2003, One Metro Center is fully leased. The building features a six-story, 5,000-square-foot stone and glass atrium providing tenants with eight sides of glass.
The project is constructed atop and adjacent to Macy’s department store. Located a mere three blocks from the White House, the property is also directly connected to the Metro Center Metrorail station.
Bill Collins, Paul Collins, James Cassidy, Drew Flood and Jud Ryan of Cassidy Turley represented the seller, Clarion Partners. John Campanella and Paul Spellman, also with Cassidy Turley, secured the acquisition financing for Jamestown with a bank lender that provided a floating-rate loan.
“Jamestown recognized the long-term value of acquiring a Class A building physically linked to the central hub of the Metro,” says Cassidy. “Despite some near term rollover, Jamestown recognizes One Metro Center as a high-quality building in a great location that is only getting better with the delivery of CityCenter.”
Hines is the master developer for CityCenterDC, a mixed-use development that will encompass 10 acres in the heart of Washington, D.C.’s downtown when it is complete late this year. The 2.5 million-square-foot project will include condominiums, apartments, office space and a hotel. The project will also feature nearly 300,000 square feet of retail and restaurant space, in addition to a 1.5-acre public park.
One Metro Center last traded for $238.5 million in 2005, or $566 per square foot, according to the Washington Business Journal.
New York-based Clarion Partners is a real estate investment manager with $28 billion in assets under management.
Jamestown, based in Atlanta, is a real estate investment and management company that was formed in 1983. The firm has acquired more than 80 properties in excess of 25 million square feet.
— Brittany Biddy