M Street Office Trades for $152M

WASHINGTON, DC-Hines has acquired 2100 M St., a 306,663-sf office building in the CBD that is 99% leased. Hines did not release financial details; however Tonya Ginter, director of research and marketing for GVA Advantis, tells GlobeSt.com that the property traded for $152.5 million, or $497.29 per sf.

Prudential Real Estate Investors sold the property on behalf of German institutional investors in US Property Fund III. Cassidy & Pinkard represented the seller. Hines represented itself in the transaction.

Hines acquired the property through its US value-add office investment program; it is the program’s first DC acquisition. A longstanding investor in the DC market, Hines already owns Columbia Square, Franklin Square, Postal Square, 600 Thirteenth St., 370 L’Enfant Promenade, 1900 K St., 1200 19th St. and 1001 Pennsylvania Ave.