Sold for Record Amount Four Years Ago, Market Square Repositions
Columbia Property Trust set a DC record when it bought Market Square, the two trophy office buildings above the Archives Metro station, for $904/SF back in 2011, a total of $613M. Four years later, after law firm Fulbright & Jaworski relocated to Mt. Vernon Triangle, the REIT is poised to spend $40M to $50M to upgrade the two buildings at 701 and 801 Pennsylvania Ave NW, the Washington Business Journal reports. About 200k SF of the 680k SF buildings are vacant, and JLL has been retained to broker the space post-renovation. What the money will be spent on won't exactly surprise you: rooftop upgrades, a revamped fitness center, grander lobbies, and new event and meeting space. Although Market Square's acquisition is still the third-priciest in DC history, it just goes to show: trophy offices don't stay trophy offices forever. [WBJ]
