Washington Building Sells To German Investor For $250M
A law firm-anchored office building one block east of the White House has just traded hands for $250M.
German investor Munich Re acquired the Washington Building at 1440 New York Ave. NW from Clarion Partners, the Washington Business Journal reports. The sale of the 214K SF building comes out to roughly $1,168/SF.
Clarion in 2011 renewed its full-building lease with law firm Skadden, Arps, Slate, Meagher & Flom LLP for 15 years. The landlord then secured a $110M financing deal for the property in 2013. Cushman & Wakefield represented Clarion in the sale of the building.
The deal continues a string of D.C. office sales to foreign investors in recent weeks. French investor AXA last week bought the nearby building at 1401 New York Ave. NW for $165M. Korean investor Hana Financial Group acquired Sentinel Square II in NoMa for $165M in the final days of 2017.