DC's Top 5 Office Sales of 2014
It’s been 2015 for a whole week. But we'd like to take a moment to remember the biggest, most important office sales of last year, fresh from the research vaults of Real Capital Analytics.
Thurmond Arnold Building
555 12th St NW is a big boy no matter how you slice it. The 782K SF building is both the largest and the most expensive on the list. Manulife Financial sold the behemoth for more than $500M in January to a JV between MetLife and Norges Bank Investment Management. Eastdil Secured brokered the deal.
While it isn’t physically the largest building, it sold for more than $1k/SF in October, the highest on this list and--maybe--in DC history. Even though it’s less than half the size of Thurmond Arnold, it went for $392M to Norges Bank (again) this time in a JV with TIAA-CREF. HFF acted as broker for the seller. The four-year-old building is two blocks from the White House (and one block from McDonald’s!).
Techworld is actually two large buildings, but they are connected by a cool skyway. JBG was able to sell the buildings to the Meridian Group for a cool $320M. The combined 758k SF development was originally built in 1989, but renovated just two years ago (the next planned renovation is a name change). They’re home to several GSA tenants, and were 94% leased when the building sold in April.
The fourth-largest office deal in 2014 just might be the hippest. The 404k SF building at 555 11th St NW is home to big tenants like Latham & Watkins, and the No. 1 place to watch indie films in DC: E Street Cinema. Rockrose Development paid $300M for the building in October (which we hope entitles them to free popcorn for life). Transwestern brokered the sale for Ralph Dweck.
1100 New York Ave NW
Though it has the simplest name, this building has the grandest facade. The 1940 art deco north entrance to 1100 NY is a former Greyhound Bus station. Allianz picked up the 12-story, 469k SF building for $290M from Manulife Financial (its second sale on the list) as part of a larger deal, in which Manulife will retain a 20% interest, just a few weeks before New Year's Eve.