AREP Buys NoMa Office Building For $64M
American Real Estate Partners has purchased a nine-story NoMa office building that will become vacant next year.
The Herndon-based firm announced Monday it acquired 810 First St. NE, a 192K SF office building just north of Union Station. Newmark Knight Frank's Jud Ryan and James Cassidy represented the seller, Los Angeles-based American Realty Advisors. The deal came to $64.25M, or roughly $335/SF, according to the D.C. Recorder of Deeds.
The D.C. government will vacate the building next year when it moves two agencies to Trammell Crow's Sentinel Square II, also in NoMa. Following the departure, AREP plans to renovate the property to include a fitness center, collaborative space, break areas, meeting facilities and outdoor amenities. It has retained NKF to lease the property, which will be billed as creative office space.
The building next door, the CNN-anchored 820 First St. NE, sold last year for $140M to Japanese investor Unizo. Last month, the nearby Sentinel Square III development site sold to MetLife for $58M.
