GlobeSt.com UPDATE: Trophy Property Brings in $575 Per SF

WASHINGTON, DC-In a staggering $461-million transaction, National Office Partners LP has sold the trophy office building at 1001 Pennsylvania Ave. to TIAA-CREF with the assistance of real estate services firm Cassidy & Pinkard. NOP, a Texas-based partnership established in 1998 between Hines and CalPERS, walked away with $575 per sf for the 802,000-sf property 15 years after Hines acquired an 80% interest in the building.

The facility was sold as part of a five-property package that fetched a total of nearly $1.5 billion. For additional information, go to TIAA-CREF Closes on IDX Tower, 4 Others from Hines, CalPERS.

District records list 1001 Pennsylvania Ave.’s proposed 2005 assessed value at $191.4 million; however, the thriving DC office market, the property’s highly desirable location between the White House and the US Capitol and its stellar tenancy–1001 Pennsylvania is 99% occupied, with leading law firm Crowell & Moring LLP leasing 336,000 sf or 42% of the building through April 2015–undoubtedly contributed to the sale price.