Piedmont Under Contract To Sell NASA HQ Building To Korean Investors For $360M

300 E St SW
Google Maps The view of Two Independence Square, 300 E St. SW, from I-395

Piedmont Office Realty Trust has found a buyer for Two Independence Square, the NASA-anchored Southwest DC office building it put on the market in September.

A group of South Korean firms, KTB Investments & Securities Co., Meritz Securities Co. and Kiwoon Securities Co., entered into contract with Piedmont to buy the building in October, a Korean news agency first reported. Piedmont's Q4 earnings release said the building was under contract to sell for $359.6M, or $593/SF and the sale is expected to close in the first half of 2017.

At 300 E St. SW, the 600K SF office building is fully leased by NASA. In 2011, the agency renewed its lease in the building through 2028, making it a safe investment for the foreign buyers. Cushman & Wakefield marketed the property for Piedmont.

This sale is another sign that the Southwest DC office market is heating up. Last week, Goddard Investment group bought the vacant office building at 500 D St. SW for $93M, and Douglas Development last month bought the Cotton Annex building at 300 12th St. SW for $30M at a GSA auction.

Correction, March 16, 11:00 A.M. EST: The Korean investment groups are under contract to buy the building but the deal has not closed yet, as a previous headline incorrectly implied.

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

Why Top-Secret Facilities Are Permeating Greater D.C.'s Office Market

DivcoWest Sells Glendale Office Building For $70M

Hines And Rialto Close Office Credit Fund At $1.1B

Rig Collapse At Citadel HQ Site Sends 4 To Hospital

Northern Virginia Office Tower Sells For Double Its 2024 Price

Design Plans Revealed For RFK Stadium Parking Garages, Headed To Review

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

Fertility Provider Opens Clinic At 1900 Lawrence Office Tower: The Denver Deal Sheet

Office Revenues Are Failing To Keep Pace With Expenses

Security Tech Firm Plans Loudoun HQ Move: The D.C. Deal Sheet

Stephen Ross Expands Palm Beach Empire With Massive Boca Raton Campus

25 Years After 9/11, Lower Manhattan Is Finally Firing On All Cylinders