Meritage Properties, Japanese Investor Acquire East End Office Building For $54M
A partnership between a New York real estate firm and a Japanese investor has paid $54M for an office building in D.C.'s East End.
Meritage Properties and a Japanese investor advised by Tokyo Trust Capital acquired 1100 G St. NW from UBS Asset Management. The $54M sale of the 110K SF office building pencils to roughly $491/SF.
HFF's Stephen Conley, Jim Meisel, Andrew Wier, Matt Nicholson and Dave Baker represented the seller. HFF's Dan McIntyre and Jay Graham helped the buyer secure $25M in financing.
"1100 G Street falls squarely within our strategy of acquiring well-located urban office properties that can benefit from the kind of hands-on renovation and repositioning that has become the hallmark of the Meritage brand," Meritage CEO Andy Nathan said in a release.