Piedmont Reaches Deal To Sell Southwest D.C. Office Building

The One Independence Square office building at 250 E St. SW
The One Independence Square office building at 250 E St. SW

Atlanta-based Piedmont Office Realty Trust is cashing out of another Southwest D.C. office building.

The REIT said in its quarterly earnings release Monday it entered into a contract to sell the One Independence Square office building. It did not disclose the price or buyer but said it expects the deal to close this quarter.

The 334K SF office building at 250 E St. SW is 94% occupied by multiple government tenants, Piedmont said. The REIT acquired the building in 2002 for $97M, according to a spokesperson. It renovated the building in 2013 to add a rooftop deck, a fitness facility and a café.

Piedmont in 2017 sold Two Independence Square, the adjacent 600K SF office building occupied by NASA, to a Korean investor for $360M. Cushman & Wakefield represented Piedmont in the 2017 deal.

The REIT also owns three office buildings in Arlington and three more in D.C., including 1225 Eye St. NW, where it said it signed a 15-year, 38K SF lease renewal with the Bipartisan Policy Center last quarter.

CORRECTION, JAN. 22, 5:05 P.M. ET: A previous version of this story incorrectly stated the price for which Piedmont acquired One Independence Square in 2002. The story has been updated.  

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