Metro Center Purchase Pans Out in $96.5M Deal

WASHINGTON, DC-Lend Lease US Office Trust has gotten the month of July off to a good start with the recent completion of its acquisition of the class A office tower known as Metro Center at 700 13th St. Lend Lease has forked over $96.5 million to the seller, a fund managed by Beacon Capital Partners. District records indicate that the 247,700-sf property has a 2004 appraised value of $71.1 million. Real estate services firm Cassidy & Pinkard marketed the building on behalf of the seller.

Built in 1989 on a corner lot in the District’s East End area, Metro Center is a bit of a rarity, of sorts, in the city, as it is a completely freestanding building with access to natural light from all four exposures. The 12-story structure contains 228,100 sf of office space on the top 11 floors, 11,600 sf of ground-level retail space, and 4,000 sf of storage room. The property also offers a three-level subterranean parking area capable of accommodating up to 225 vehicles.