Carr Properties Offering 49% Stake In Midtown Center At $1B Valuation
The 49% stake is valued at roughly $490M, according to Real Estate Alert, making it the largest offering in the D.C. market since the coronavirus pandemic began. The project cost around $650M to build, and Carr is valuing it at roughly $1B.
The two-building, 869K SF office development, built on the site of the former Washington Post headquarters, delivered in mid-2018. Fannie Mae leased 752K SF of the project in 2015, the largest private sector lease in D.C. history. WeWork signed a 110K SF lease at the building in 2019.
The property backs a $525M loan originated last year that expires in 2029, and Fannie Mae's lease runs until 2033, according to Real Estate Alert.
The project features 44K SF of ground-floor retail, where Carr has signed multiple restaurant tenants including a Greek concept from Michelin-starred chef Nicholas Stefanelli and a Louisiana-style restaurant from chef Kyle Bailey. It also has a public courtyard and a network of alleys connecting it to the surrounding streets.