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Hines has sold a Capitol Riverfront office building for less than it paid for it five years ago as it prepares to lose its anchor tenant.
The real estate firm sold 55 M St. SE to San Francisco-based Spear Street Capital LLC for $135.3M in a deal posted Thursday to the D.C. Recorder of Deeds, the Washington Business Journal reports.
The 267K SF office building sits one block north of Nationals Park and directly atop the Navy Yard-Ballpark Metro station. Hines bought it in December 2013 for $140.9M.
The office building's anchor tenant, the D.C. Department of Transportation, signed a deal last year to move to a new project down the street and vacate its 150K SF spread at 55 M. The agency plans to depart in 2021 for 176K SF at WC Smith's 250 M St. SE.
Monument Realty and MacFarlane Partners developed the 55 M building in 2009. Its remaining office tenants include the Federal Aviation Administration and Sayres. It also has 15K SF of retail, partially occupied by a Bank of America branch.
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