Cushman & Wakefield Closes 4 D.C. Office Sales Totaling $425M In Final Days Of 2017

Photo credit: Bisnow/Ethan Rothstein
Noma's Sentinel Square Ii Was Acquired By A Korean Investor In Late December.

A Cushman & Wakefield investment sales team closed four office deals across the D.C. region in the final days of 2017, a positive sign for the market heading into the new year.

The deals cover two office buildings in NoMa, one in Silver Spring and one in Tysons and total roughly $425M, Cushman & Wakefield Executive Director Eric Berkman confirmed.

Trammell Crow sold its Sentinel Square II office building at 1050 First St. NE to Korean investor Hana Financial Group for $165M. The 280K SF office building recently landed two major tenants when the D.C. government signed on for 168K SF and the Federal Election Commission took 100K SF in late 2016. The landlord completed tenant improvements last month before closing the deal and both tenants are in the process of moving in. The deal closed Friday afternoon and was recorded Tuesday in D.C.'s Recorder of Deeds.

Hana, a Korean investor with $5B of assets under management worldwide, last year partnered on a deal to acquire the 606K SF NASA HQ building in Southwest D.C. from Piedmont Office Realty Trust.

"They are familiar with owning properties leased by the federal government and wanted to increase their presence in D.C. and they went after this deal hard," Trammell Crow Managing Director Tom Finan said.

The deal follows Trammell Crow's September sale of the Sentinel Square III development site, leased by the Federal Communications Commission, to MetLife for $58M.

Also in NoMa, Brookfield Asset Management sold a 355K SF office building at 64 New York Ave. NE to ASB Real Estate Investments for $186.3M. Berkman confirmed the deal, which closed Dec. 26 and was first reported by the Washington Business Journal.

In Downtown Silver Spring, BlackRock sold the 216K SF Silver Spring Centre office building at 8455 Colesville Road for $38.7M to Goodstone LLC, Berkman said. That building, sitting one block east of the Silver Spring Metro station, includes Zavos Juncker Law Group and American Music Therapy on its tenant roster.

Near the Spring Hill Metro station in Tysons, AEW Capital Management sold the 149K SF office building at 8609 Westwood Center Drive for $34.5M. The deal, recorded in Fairfax County property records on Dec. 21, was also brokered by Berkman's team.

"This is an indication of the strength of the market," Berkman said. "There's good activity in the market and the deals are closing. We ended the year on a positive note in terms of strength and we're beginning the year with a positive outlook."

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