Normandy Looks To Sell L'Enfant Plaza Office Building Less Than A Year After Buying It
Just 10 months after selling at a foreclosure auction, a L'Enfant Plaza office building is back on the market.
The New Jersey-based investor acquired the 280K SF building in July after winning a June auction with a credit bid of $39.5M. Its total acquisition cost came to about $84M. . The building has remained about 86% occupied since Normandy acquired it, but the new owner has renewed multiple tenants for long-term deals.
In January, the Federal Aviation Administration inked a 100K SF renewal and the Department of Homeland Security renewed for 42K SF. Lincoln Property manages the building's leasing on behalf of Normandy. The building's two additional tenants are also federal government agencies.
HFF is now marketing it for sale and highlighting the stability of the building's federal tenants and the upside a new owner could achieve by leasing the remaining 39K SF.
The team is also emphasizing the building's location near the Southwest Waterfront. The property is less than a half-mile from The Wharf, and it sits next door to the new home of the International Spy Museum, which is slated to open this month.
CORRECTION, MAY 8, 12:55 P.M. ET: A previous version of this story included an incorrect price for the 2018 acquisition. The story has been updated.