Bisnow Scoop: Foreign Money Pouring In?
Another foreign buyer has scooped up a trophy DC office, Bisnow has learned. And another foreign investor may be behind another big new groundbreaking. (Good thing Sochi taught us how to gracefully come in second to foreign countries.)
Multiple sources tell Bisnow that London-based Epic UK has officially closed on Tishman's 1110 Vermont Ave. Epic is headed by brothers Steven and Michael Elghanayan cousins of Rockrose Development founder Henry Elghanayan. (In related news, our cousin just called to see if he could borrow $20 for fancy hot pockets. So we get it.)
Tishman bought the 306k SF property just a few years back and fully renovated it. According to Cassidy Turley's Drew Flood (who repped Tishman with colleagues Bill Collins, Paul Collins, Jud Ryan, and James Cassidy), it traded for $162.5M, or about $530/SF.
This isn't Epic's first buy in DC; in December, it acquired 919 18th St from Clarion Partners for $52.8M. The firm's also got a deep portfolio of assets in London, NYC, and Germany.
