Boston Properties Sells Southwest D.C. Office Building For $119M
The International Trade Commission's Southwest D.C. headquarters has just traded hands for $118.6M.
Boston Properties sold the 262K SF building at 500 E St. SW to an affiliate of Boyd Watterson Asset Management, the Washington Business Journal reports. The deal, recorded Wednesday in the D.C. Recorder of Deeds, pencils out to $452/SF.
After renewing the federal agency's 207K SF lease for 15 years in December 2016, Boston Properties retained Cushman & Wakefield in March to market the property for sale. Cushman & Wakefield's Bill Collins told Bisnow in March it immediately received strong interest, with a wide swath of investors looking at the building.
The deal follows a string of Southwest D.C. office sales in 2017 as the submarket continues to attract investors. Piedmont Office Realty Trust sold its NASA HQ building at 300 E St. SW to a group of Korean investors for $360M. Tokyo-based Unizo acquired Capital View at 425 Third St. SW for $148M. Goddard Investment Group bought the vacant National Square building at 500 D St. SW for $93M. Douglas Development purchased the Cotton Annex building at 300 12th St. SW for $30M.