WASHINGTON, DC–Tishman Speyer has sold a 75% or so stake in an office development it began developing on spec at 2050 M St., NW last year, according to public records.
The stake sold for about $57.5 million. A spokesperson for Tishman Speyer declined to comment. It is unclear who the buyer is but a source tells GlobeSt.com that it was an institutional investor.
The project consists of the former headquarters of CBS News at 2020 M St., NW, which Tishman acquired for $30.5 million in order to redevelop it into a modern new headquarters for the media company ,and 2030 M St., NW, which Tishman acquired for $49 million from separate buyers. Both of these buildings are being razed to the ground to make way for the eye-popping building that will be 2050 M St.
The plans for the new 364,000-square foot building, designed by REX Architecture PC, were revealed earlier this year and they feature a unique floor-to-ceiling curved glass curtain wall with no vertical mullions. The effect, as viewed from the outside, is similar to a kaleidoscope.
The last the market heard about the progress at 2050 M St. was a report in August from the Washington Business Journal that said that sources told it that international law firm Paul Hastings LLP has signed a letter of intent to lease roughly 100,000 square feet in the trophy project.
Meanwhile, the development at the site continues. Delivery is expected in 2019.
WASHINGTON, DC–Tishman Speyer has sold a 75% or so stake in an office development it began developing on spec at 2050 M St., NW last year, according to public records.
The stake sold for about $57.5 million. A spokesperson for Tishman Speyer declined to comment. It is unclear who the buyer is but a source tells GlobeSt.com that it was an institutional investor.
The project consists of the former headquarters of
The plans for the new 364,000-square foot building, designed by REX Architecture PC, were revealed earlier this year and they feature a unique floor-to-ceiling curved glass curtain wall with no vertical mullions. The effect, as viewed from the outside, is similar to a kaleidoscope.
The last the market heard about the progress at 2050 M St. was a report in August from the Washington Business Journal that said that sources told it that international law firm
Meanwhile, the development at the site continues. Delivery is expected in 2019.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
