A partnership between a New York real estate firm and a Japanese investor has paid $54M for an office building in D.C.'s East End.
Meritage Properties and a Japanese investor advised by Tokyo Trust Capital acquired 1100 G St. NW from UBS Asset Management. The $54M sale of the 110K SF office building pencils to roughly $491/SF.
HFF's Stephen Conley, Jim Meisel, Andrew Wier, Matt Nicholson and Dave Baker represented the seller. HFF's Dan McIntyre and Jay Graham helped the buyer secure $25M in financing.
The 11-story, Class-B office building was constructed in 1969, according to LoopNet. It sits one block east of the Metro Center station and three blocks west of Gallery Place.
UBS and J Street Cos. bought the building in 2008 and completed an extensive renovation of the property in 2010. Its new owner signaled it plans to renovate the property again.
"1100 G Street falls squarely within our strategy of acquiring well-located urban office properties that can benefit from the kind of hands-on renovation and repositioning that has become the hallmark of the Meritage brand," Meritage CEO Andy Nathan said in a release.
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