French Investor AXA Buys Office Building Near White House For $165M
After breaking into the D.C. market in October with a $140M Bethesda acquisition, French insurance giant AXA has come back for more.
The investor acquired 1401 New York Ave. NW from a JV of Minshall Stewart Properties and Heitman for $165M, CoStar reports.
The 12-story, 210K SF office building, constructed in 1983, sits just two blocks from the White House. Minshall Stewart and Heitman acquired it in 2014 for $95M. Law firm Boies, Schiller & Flexner LLP signed on for 37K SF in the building in 2015. The building features a Starbucks in the ground-floor retail space and has a 5K SF available retail space that Miller Walker Retail Real Estate is marketing.
AXA in October acquired Montgomery Tower, a 366K SF Downtown Bethesda office building. Following that acquisition, the head of AXA's North American real estate investment arm told Bisnow the firm plans to continue acquiring D.C.-area properties.
