Scoop: LHL Realty Sells Patrick Henry Building
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LHL Realty has found a buyer for the Patrick Henry Building at 601 D St NW, a 542k SF East End office building, a source close to the deal tells Bisnow.
The buyer and sale price could not be disclosed yet, but market trends suggest this acquisition would likely be a value-add play. The building is occupied by the Justice Department, which is vacating in the next two years to move to Four Constitution Square when it delivers in 2018. That building also just traded last week, with StonebridgeCarras selling it to MetLife and Norges Bank for $422M.
The building was most recently renovated in 1997, so the buyer could be eyeing a repositioning of the asset. This sale furthers the office sales market's strong momentum this quarter following an abysmally slow Q1 and Q2.