Beacon Capital Looks To Sell Terrell Place After Landing Facebook, Yelp
The owner of Chinatown's Terrell Place office building is looking to cash out after scoring major leases with technology companies Facebook and Yelp.
Beacon Capital Partners retained Cushman & Wakefield to market the office building at 575 Seventh St. NW for sale, the Washington Business Journal reports.
Facebook's move early last year into a 73K SF space in the building more than tripled the size of its previous office, and the social media giant has since expanded to over 170K SF, according to Cushman & Wakefield's marketing brochure. Yelp signed a lease at Terrell Place in 2017 and now occupies 71K SF, according to the brochure.
Last month, Convene announced it signed on to open a 72K SF meeting and event space at the property, which sits across from the street from the Capital One Arena and the Gallery Place Metro station. The building also landed St. Louis-based Worldwide Technology for a 12K SF space, its first D.C. office, in May.
Beacon Capital launched a $48M renovation of the 11-story, 450K SF building after losing anchor tenant Venable in 2017. The building in 2017 received an investment from Singapore's sovereign wealth fund, GIC, which formed a JV with Beacon Capital to put over $1B into three D.C. office properties.
Terrell Place is not the first Chinatown office building to hit the market this year. In January, HFF began marketing the 12-story building around the corner at 700 Sixth St. NW on behalf of owner USAA.
