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East End Office Trades For More than $1,000 Per SF

WASHINGTON, DC—Investcorp is acquiring the fully-occupied East End building under a new initiative in which it invests in long-term hold properties in gateway cities.

By Erika Morphy | erikamorphy | | Updated on March 01, 2016
733 10th St., NW 733 10th St., NW
WASHINGTON, DC—Another building has joined the small but growing club of properties that have traded for $1,000 per square feet.  Jamestown Properties has sold its East End office, 733 10 th St., NW, to Investcorp, for $180 million.  The property is fully-occupied now but a source tells GlobeSt.com that its cap rate trading price for next year will be 4.6%. Jamestown purchased the property for $140 million from Skanska some four years ago. Investcorp, which owns a number of offices in the Washington DC area already as part of its general strategy of investing in quality office buildings, has a new initiative of focusing on core quality, long-term hold assets in gateway markets. This purchase was the first on that platform, it says. “We are actively seeking additional core-quality, stable properties like 733 10th Street in a handful of major gateway markets to supplement our ongoing investment activity in core-plus, high cash yield-oriented properties throughout the US,” says Brian Kelley, principal of Investcorp’s Real Estate Investment.

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