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Heitman Buys In DC


Chicago-based Heitman joined Bethesda, Md.-based Minshall Stewart Properties to purchase downtown DC office building 1401 New York Ave off-market from Lone Star Funds, which bought the building just last March. No word on what the partners paid for the 300k SF asset—Lone Star paid $71M. We're told Minshall Stewart plans a big renovation of the property to attract DC tenants looking for that glassy, efficient space that's so en vogue. Here's a rendering from Minshall Stewart's website showing what it might look like after all is said and done. (The future isn't filled with drones? How do you explain that, Amazon?)