Newmark Arranges $228M Sale of Two-Building Office Complex in Washington, D.C.
WASHINGTON, D.C. — Newmark has arranged the sale of Universal North and South, two Class B office buildings encompassing an entire city block near Dupont Circle in downtown Washington, D.C.
Bethesda, Md.-based JBG Smith sold the assets to Philadelphia-based Post Brothers for $228 million. Totaling 659,459 square feet, the two-building office complex is located at 1825 and 1875 Connecticut Ave. NW.
Universal North is a 12-story, 368,071-square-foot, value-add property, which was 40 percent leased at the time. Universal South is a 10-story, 291,387-square-foot, cash-flowing asset that was 98 percent leased at the time of sale. The project can accommodate an additional 73,428 square feet.
Jud Ryan and James Cassidy of Newmark represented the seller in the deal.