Carr Buys Another Building Next to Washington Post HQ
Carr Properties has agreed to buy the 400k SF Columbia Center at 1152 15th St NW (pictured), right next to the Washington Post's HQ, for $138M. In a regulatory filing, Carr's partner, Alony Hetz Properties & Investments, stressed that the new building is not part of the Washington Post project. Last year, Carr and Alony Hetz bought the Washington Post HQ building for $159M in one of the hottest deals of the year, Washington Business Journal reports. They plan to redevelop the building, and lease about 700k SF to Fannie Mae. Columbia Center was built in 2007 by Monument Realty. It's roughly 85% occupied, bringing in about $8.2M net operating income. Carr expects the building to be fully leased within two years of closing, bringing its income to $12M. Columbia Center is assessed at $243M. [WBJ]
