NoMa Office Building Under Contract To Sell For $180M
A federal government-leased office building in NoMa could soon be trading hands in a nine-figure deal.
Boyd Watterson Asset Management has agreed to acquire the Sentinel Square I office building at 90 K St. NE from the Utah State Retirement System for $180M, Real Estate Alert reports. A source close to the deal confirmed it to Bisnow.
The 413K SF building was the first phase of Trammell Crow's Sentinel Square office complex, which sits two blocks from the NoMa Metro station and has attracted several government tenants.
The Sentinel Square I building is occupied by U.S. Customs and Border Protection and the U.S. Parole Commission. Trammell Crow in 2014 sold its stake in the building to its development partner, the Utah State Retirement System, being advised by Cottonwood Partners.
The developer in 2017 sold Sentinel Square II to Hana Financial Group for $165M, and it sold the Sentinel Square III development site to MetLife for $58M. The second building in the complex was leased to the D.C. government and the Federal Election Commission, while the Sentinel Square III project — currently under construction — was pre-leased to the Federal Communications Commission.
The acquisition would be the second in the neighborhood for Boyd Watterson this year. In September, it bought NoMa's One Constitution Square building, also leased by the federal government, from Stonebridge for $142M.