With 839k SF DOJ Lease, StonebridgeCarras Sells Constitution Square To MetLife/Norges
Nearly three months to the day after we reported StonebridgeCarras and Walton Street Capital got the highest price-per-unit ever on a Maryland multifamily deal in Bethesda, the JV has sold another well-positioned property at a similar point in its life cycle.
This time, Doug Firstenberg's firm has sold Three and Four Constitution Square to the power couple of MetLife and Norges Bank for an announced $421.8M. Three (above) is built; Four has only had some light site work and is ready for the shovel.
The two buildings are a combined 839k SF, all of which is leased to the Department of Justice in what was the biggest office deal in the region last year. The DOJ is scheduled to move into Three in late 2016, and into Four when it's done in 2018.
Just like 8300 Wisconsin Ave, which sold for $207M at an estimated $520k/unit before the Harris Teeter on the ground floor even opened, Stonebridge and Walton sold the two glassy office buildings before their only tenant moved in.
This is MetLife and Norges' second investment in DC as a duo. They own the similarly huge—782k SF—555 12th St NW downtown, which they bought for $505M in 2014. The duo paid $645/SF for that property when Arnold & Porter was planning to vacate. Now, with DOJ in for the long haul, they paid Doug and his partners $502/SF.