Georgetown Co. Buys Southwest D.C. Office Building For $127M
An office building just north of L'Enfant Plaza, a short walk from The Wharf, has just traded hands as Southwest D.C.'s office sales market continues its strong year.
New York-based Georgetown Co., in partnership with Meadow Partners, has acquired 370 L'Enfant Promenade from CIM, the buyers announced Thursday. The deal closed for $313/SF, or roughly $127M.
The 10-story, 405K SF building is 70% leased. The General Services Administration recently signed a 113K SF lease to move the Federal Bureau of Prisons' offices to the building. Its tenants also include the Smithsonian Institution, Accenture and the Federal Aviation Administration.
Eastdil Secured marketed the property on behalf of the seller. The buyers have retained Cushman & Wakefield's Scott Johnson and Bobby Schwartz to lease the remainder of the building.
The property benefits from its location, just a block from the L'Enfant Plaza Metro station, where the Green, Yellow, Blue, Orange and Silver lines all intersect. It also sits less than half a mile from The Wharf, the $2.5B waterfront development that celebrated the grand opening of its first phase last week.
Investor interest in the Southwest D.C. office market has been red-hot this year. A group of Korean investors acquired the 600K SF NASA HQ building this spring for $360M. Douglas Development bought the Cotton Annex building at 300 12th St. SW from the GSA in February. Tokyo-based Unizo, D.C.'s most active foreign investor, acquired 425 Third St. SW from Clark Enterprises for $148M in February. Atlanta-based Goddard Investment Group bought the vacant National Square building at 500 D St. SW for $93M in February.
Georgetown Co. is not based in the historic D.C. neighborhood whose name it bears, but it is partnering on a major project there. The developer is teaming up with Levy Group to convert Georgetown's West Heating plant into a condo building.
