Monument Realty Buys Vacant Downtown D.C. Office Building
The Department of Justice's consolidation in NoMa left multiple D.C. office buildings vacant, and another one has just traded hands.
Monument Realty acquired the building at 1425 New York Ave. NW from Liberty Property Trust in a $47M deal posted last week to the D.C. Recorder of Deeds. The 287K SF office building was developed on spec in 1991 by LCOR and Nomura Real Estate, and the Department of Justice later signed a 230K SF lease. The Washington Business Journal first reported the sale.
The DOJ last year relocated to the the Constitution Square complex in NoMa, where it now occupies about 1.4M SF.
Cushman & Wakefield brokered the deal on behalf of Liberty Property Trust. The building sold for less than the $48M it traded for in 2005, when it was anchored by the DOJ.
Monument hasn't unveiled its plans for the building and didn't respond to requests for comment. If it plans a renovation to help re-lease the building, it would be at least the third owner of a former DOJ-occupied building to chart that course in recent years.
Tishman Speyer in July acquired the former DOJ-occupied building at 601 D St. NW and planned a renovation. S.C. Herman is planning to reposition the building at 600 E St. NW that the DOJ vacated. In addition to these three buildings, the DOJ also vacated 1331 Pennsylvania Ave. NW as part of the move.