WASHINGTON, DC-Carr Properties is closing on a rare trade in the District’s West End--it is acquiring 1255 23rd St. together with the Canada Pension Plan Investment Board and MetLife Real Estate Investments for $137.4 million. Tishman Speyer was the seller.
The 341,334-square-foot, eight-story structure, known as the Floyd Akers Building, was developed by the Oliver Carr Co. in 1983. It also has a three-level below grade parking garage. Carr Properties was unable to return a call to GlobeSt.com in time for publication.
It is rare for a building to trade in this part of the District even during the more robust days. And it is telling that Carr Properties--an occasional acquirer--is not only moving back into the area, but has snapped up an asset in this submarket. It is also telling that Carr has ventured with two institutional investors in the deal. Increasingly, that is how conservative investors, including some REITs, are re-entering the market.
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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.
