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