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950 L'Enfant Plaza Fetches $55 Mil in Speedy Sale

WASHINGTON, DC-An eight-story office building here has been purchased by Heyman Properties in an all-cash sale. The fast-track deal took all of three months to complete.

By Glen Thompson | Updated on August 17, 2001

WASHINGTON, DC-The 263,694-sf office tower at 950 L’Enfant Plaza here has been acquired by Heyman Properties for $55 million. The seller, VIB, a Dutch fund, paid cash.

New York-based Greenwich Group International, which represented the seller out of the brokerage firm’s DC offices, completed the deal within a three-month marketing window mandated by VIB.

The building is entirely net-leased to the US Department of Energy, the Internal Revenue Service and the Holocaust Museum offices. The co-terminous, 10-year leases expire in less than six years, a factor of the deal that DC-based Greenwich managing director Larry Baucom, who brokered the sale, says points to the growing viability of net leases, even on properties in which the lease–in this case three leases to US-government tenants–have less than 10 years to run.

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