Singapore REIT Enters D.C. Market With $182M Pennsylvania Avenue Acquisition
The 13-story, 277K SF office building was built in 1964 and renovated in the last six years. At 97.2% occupied, its largest tenants include the U.S. Treasury Department and the United Nations Foundation, each occupying over a third of the building. Its only vacancy is an 8K SF space on the sixth floor.
Along with the D.C. deal, Manulife also acquired Atlanta's 20-story Phipps Tower for $205M. Prior to these deals, the REIT's portfolio included five U.S. office buildings in Southern California, New Jersey and Atlanta worth a combined $1.3B.
The Pennsylvania Avenue deal shows the continued interest of foreign investors in the D.C. office market. In January, Spanish investor Masaveu Real Estate acquired 900 G St. NW for a record price. In the month before that deal, a Korean investor, a French investor and a German investor all acquired D.C. office buildings for over $150M.