Boston Properties Seeks Buyer For 500 E St. SW After Renewing ITC Lease
After renewing a major lease with the International Trade Commission in December, Boston Properties is ready to unload the Southwest DC office building it built for the agency in 1987.
Boston Properties has brought on Cushman & Wakefield to help sell the nine-story office building at 500 E St. SW, the Washington Business Journal reports.
The General Services Administration renewed ITC's 207K SF lease for 15 years in December after conducting an unsuccessful search for a new consolidated space. The agency received only one competing offer that fit its requirements, and its $43M request to Congress for the build-out of a new space was rejected.
The building, assessed at about $129M, sits next to the 219-room Hyatt Place Hotel that CityPartners and Potomac Investment Properties delivered in 2015. Selling this property would help Boston Properties fund a $400M project it is preparing to build in Cambridge, Mass., which has already landed a tech firm for a 630K SF lease.
