Jamestown Sells Madison Office Building For $35M
A Saudi investor has purchased the Madison Office Building, at 1155 15th St NW, from Atlanta-based and German-backed Jamestown Properties.
Sidra Capital, a Saudi investment bank, bought the 98k SF property for $35M, GlobeSt reports. That price tag comes out to $370/SF with a 3.6% cap rate.
Jamestown acquired the downtown office building, as well as the adjoining Madison Hotel, in 2011. After spending $25M to renovate the hotel in partnership with First Finish Inc., 5280 Design and Studios Architecture, Jamestown sold it to Loews Hotels in 2013 for $125M.
Sidra entered the US market just last month, purchasing a 248k SF office building in Fort Mill, SC.
Jamestown also owns the 421k SF One Metro Center on the East End and 300k SF of retail properties in Georgetown and Alexandria. In New York, it owns the iconic Chelsea Market and One Times Square. It also owns Ghirardelli Square in San Francisco. [GS]