WASHINGTON, DC-Hamilton Square, a trophy office building located at 600 14th St., NW, has traded for $198 million. Commonwealth Partners acquired the nine-story, 248,495-square foot property from San Francisco-based Shorenstein Partners after the asset was on the market for slightly more than two months.
John Kevill, Collins Ege, Nick Pappas and Sean McDermott of Eastdil Secured brokered the transaction. In an earlier interview with GlobeSt.com, Kevill predicted the building would trade in the $200-million range.
His reasoning, clearly on the money as it turned out, was that core, stabilized assets in the District were trading at that price point, especially during the run up to the presidential election. In addition, the trophy status of the property and its location—in the middle of the East End close to the White House and the US Department of Treasury—makes it a highly-coveted asset for an institutional investor’s portfolio.
“As an iconic building in a prime DC location, Hamilton Square will bring superior long-term, risk-adjusted returns for years to come,” Ege says in a prepared statement. “It would be the crown jewel of any portfolio and makes the perfect first purchase in DC for Commonwealth.”
Hamilton Square’s design creds—the architect was Skidmore, Owings and Merrill—and tenant roster are also solid. The building, which once housed Garfinkel’s department store, was completely redesigned in 1999 but retained the original historic fa
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
