Beacon Capital Partners Sells 601 New Jersey For $175M
The renovation Beacon Capital Partners launched at 601 New Jersey Ave. NW after losing the Federal Trade Commission as its anchor tenant appears to have paid off.
After successfully leasing the 260K SF Capitol Hill office building to nearly full occupancy, Beacon has just sold it for $175M to an affiliate of Principal Real Estate Investors LLC, the Washington Business Journal reports.
The Boston-based firm acquired a majority stake in the building in 2011 for $66M. Soon after, the GSA decided to move the FTC out of the building to 400 7th St. SW.
Beacon then embarked on a major repositioning of the property, adding amenities such as a 10th-floor rooftop terrace, fitness center, bike storage and shower facilities. It signed tenants including Amazon, Kostelanetz & Fink LLP, Leavitt Partners, Summit and AT&T.