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Northwestern Mutual Pays $209M For Downtown D.C. Office Building

The McPherson Building at 901 15th St. NW
The McPherson Building at 901 15th St. NW

An office building three blocks from the White House has just traded hands for more than $200M. 

Newmark Knight Frank announced Tuesday it brokered the sale of the McPherson Building at 901 15th St. NW to Northwestern Mutual for $209M. NKF represented the seller, which it declined to disclose. 

Property records show the building was owned by Mullen Investment Management Co., a Delaware-based entity that acquired the property in 1996. The previous owner received a $95M loan on the building from New York Life Insurance Co. in January, property records show.

The building recently underwent a $30M renovation that upgraded the lobby, fitness center, bike room, elevators, restrooms and other common areas, NKF said. The building is 97% leased to tenants including Booz Allen Hamilton, New York Life and Davis Polk & Wardwell. It also has ground-floor retail space occupied by Starbucks

The property sits at the corner of 15th and I streets NW, across the street from McPherson Square and one block from the Metro station. 

"A short walk to Metro as well as the most influential decision-making bodies in the country, the McPherson Building has everything going for it," NKF Executive Managing Director James Cassidy said in a release. "The quality of the building's amenities and its stately presence only enhance its appeal."