Blackstone Sells D.C. Office Building To Spanish Billionaire For $231M

The office building at 815 Connecticut Ave. NW
The office building at 815 Connecticut Ave. NW

A 55-year-old office building near the White House that underwent a significant renovation in 2013 has just traded hands.

Blackstone sold the 815 Connecticut Ave. NW office building to Ponte Gadea, the investment vehicle of Spanish billionaire Amancio Ortega, for $231M in a deal posted Thursday to the D.C. Recorder of Deeds.

The sale of the 12-story, 236K SF office building pencils out to $979/SF. Cushman & Wakefield's D.C. capital markets team led by Bill Collins brokered the deal. The property last sold in 2016, when Blackstone bought it from Swedish pension fund Alecta Real Estate Investment for $190M.

The building, constructed in 1964, underwent a $30M-plus renovation in 2013 that earned it a LEED Platinum certification. Former presidents Barack Obama and Bill Clinton toured the building in 2011 to kick off the Better Buildings Initiative, a nearby $4B program to make commercial properties more efficient.

Law firm Baker McKenzie is the anchor tenant in the building, with a 90K SF lease it renewed earlier this year until 2035, according to Compstak.

The deal is the second nine-figure D.C. office acquisition for Ponte Gadea in less than a year. The firm in December acquired 1501 K St. NW from a JV of J.P. Morgan Asset Management and JBG Smith for $385M, another deal brokered by Collins' team.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

270-Unit Manassas Gated Community Sells: The D.C. Deal Sheet

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

How Metropolis Is Bringing Parking Into The Future With AI And Recognition Technology

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject

Private Equity Firm Buys Former Texas Instruments Campus For New Headquarters