WASHINGTON, DC-The Rockefeller Group, in a JV with Mitsubishi Estate New York, has acquired 1101 K St., NW, a class A office building located in the East End submarket of Washington, DC, from a JV of JBG Cos. and Rockwood Capital. According to public records, the purchase price was around $200 million.
Situated between 11th and 12th streets in one of the highest concentrations of class A office space in DC, the 10-story, 291,480-square-foot, multi-tenanted property is one block from the site of the City Center redevelopment project. The building was constructed in 2006 and is currently 80% leased. The sellers were represented by the Holliday Fenoglio Fowler team of James A. Meisel, Andrew M. Weir and Elizabeth Taylor Johnston. The purchasers represented themselves.
“We are proud to enter the Washington, DC market with the purchase of this outstanding asset,” says Kevin R. Hackett, president and CEO of RGI. “This transaction is consistent with our company’s long standing strategy of investing in high quality assets with long-term sustainable value.” He adds that the Rockefeller Group will continue to seek well located premier office assets in constrained markets such as New York; Washington, DC; and San Francisco, which are all experiencing strong economic recoveries.
Paul T. McDermott, head of acquisitions for RGI, who is headquartered in Washington, DC, notes, “This is an auspicious beginning for our office, which was only opened this past November. In pursuing this opportunity we were able to leverage the deep DC market knowledge we possess, as well as the significant resources available to us through RGI’s New York City headquarters.” RGI’s DC office is located at 1700 Pennsylvania Ave., NW.
The property at 1101 K features a two-story lobby, finished ceiling heights of nine to 10 feet, and floor-to-ceiling windows. Building amenities include a rooftop deck, a fitness center, state-of-the-art building systems, underground parking and a restaurant, Brasserie Beck. The building is seeking LEED Gold Existing Building certification.
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