Korean Investors Under Contract To Buy 600K SF NASA HQ Building From Piedmont
Piedmont Office Realty Trust has found a buyer for Two Independence Square, the NASA-anchored Southwest DC office building it put on the market in September.
A group of South Korean firms, KTB Investments & Securities Co., Meritz Securities Co. and Kiwoon Securities Co., entered into contract with Piedmont to buy the building in October, a Korean news agency first reported. Piedmont's Q4 earnings release said the building was under contract to sell for $359.6M, or $593/SF and the sale is expected to close in the first half of 2017.
At 300 E St. SW, the 600K SF office building is fully leased by NASA. In 2011, the agency renewed its lease in the building through 2028, making it a safe investment for the foreign buyers. Cushman & Wakefield marketed the property for Piedmont.
This sale is another sign that the Southwest DC office market is heating up. Last week, Goddard Investment group bought the vacant office building at 500 D St. SW for $93M, and Douglas Development last month bought the Cotton Annex building at 300 12th St. SW for $30M at a GSA auction.
Correction, March 16, 11:00 A.M. EST: The Korean investment groups are under contract to buy the building but the deal has not closed yet, as a previous headline incorrectly implied.
