Trammell Crow Sells FCC-Leased NoMa Site To MetLife For $58M
NoMa's Sentinel Square III, an office development site and future home of the Federal Communications Commission, has just traded hands for $58M.
The seller will stay on to manage the development of Sentinel Square III, a 545K SF office building where the FCC plans to move in 2019, pending the resolution of a protest from the agency's previous landlord.
The FCC would not be the only government agency in the complex. Trammell Crow in October landed the Federal Election Commission for 100K SF in Sentinel Square II, the development's 279K SF second phase. Also in that building, the developer last year reached a deal with the D.C. government to lease 168K SF for three agencies. The development's 413K SF first phase includes one of Del. Eleanor Holmes Norton's offices.
MetLife is no stranger to buying government-leased NoMa office projects. The global life insurance company, in partnership with Norwegian sovereign wealth fund Norges Bank, acquired Three and Four Constitution Square for $422M in September 2016 from StonebridgeCarras after the developer signed the Department of Justice for 839K SF. Four Constitution Square, a 475K SF building at 150 M St. NE, is under construction and expected to deliver in 2018.