It appears there’s significant activity in Washington, D.C.’s trophy office building market. Let me break down some recent developments:
- 1099 New York Avenue, NW:
- This iconic trophy office building, located just four blocks from the White House, was recently sold for $95 million. It’s a 180,878-square-foot, 11-story building with floor-to-ceiling windows, average floor plates of 17,500 square feet, and a below-grade parking garage. The property is 95% leased to eight tenants, with an average remaining lease term of nine years.
- 1750 H Street NW:
- A 10-story office building situated three blocks from the White House was acquired by State Farm Life Insurance at a foreclosure auction. They paid $17.6 million for the 123,000-square-foot property.
- Other Notable Buildings:
- 1776 Massachusetts Ave NW near Dupont Circle and 601 Indiana Ave NW near Judiciary Square are also part of this trend.
- 2001 Pennsylvania Ave NW, located near the World Bank, is another prime address that’s likely attracting investor interest.
- Foreclosure Affidavit:
- The Liberty Building at 1129 20th St NW has a recorded foreclosure affidavit, indicating financial distress.
This is absolute insanity…
Trophy office buildings in Washington DC are rapidly being auctioned off w/ 4 already scheduled – all prime NW Downtown addresses
– 1750 H St. NW, three blocks from the White House
– 1776 Massachusetts Ave NW near Dupont Circle
– 601 Indiana Ave… pic.twitter.com/j3lGEF8cED
— Triple Net Investor (@TripleNetInvest) June 24, 2024