WASHINGTON, DC—It looks as though a deal has been reached for Sentinel Square I, a NoMa office building that Cassidy Turley put on the market in September 2013 on behalf of the owners. A source tells GlobeSt.com that Cottonwood Partners bought out partner Trammell Crow, paying $196.1 million, or $476 per square foot, for the partial stake. Trammell Crow did not return a call by press time.
The 12-story, approximately 413,000-square foot building is located at 90 K St., NE. It is 86% occupied by a number of government tenants, including the US Customs and Border Protection, US Parole Commission, Veterans Affairs and Equal Employment Opportunity Commission.
The project will eventually deliver 1.3 million square feet to be built in four phases. At yearend, Sentinel Square II, a 289,500-square foot building delivered, as did another office project in the submarket: StonebridgeCarras' Constitution Square Three, a 363,000-sf office building located at 175 N Street, NE.
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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.
