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Miller & Chevalier Settles In | Normandy RE Buys President's Park

WASHINGTON, DC--The JBG Cos. and ICG Properties' anchor tenant at 900 16th St. NW has moved into its 87,000 square feet at the trophy building. Normandy RE is still bullish on Northern Virginia opportunities having just scooped up President's Park in Herndon.

By Erika Morphy | erikamorphy | | Updated on March 18, 2016
900 16th St. NW 900 16th St. NW
Miller & Chevalier Chartered Is Home WASHINGTON, DC—Law firm Miller & Chevalier Chartered has moved into its new home at 900 16th St. NW. The law firm took 87,000-square feet as the building’s anchor — a lease that three years ago had been rumored for months and was the subject of excited talk in the CRE industry during the slow aftermath of the recession. The 135,000-square-foot building was developed by The JBG Cos. and ICG Properties. Architecture firm LSM Studio designed the law firm’s interior the space, which includes a two-story connection at the building’s upper levels, and access to the outdoor terrace. Architect Robert A.M. Stern designed the building. Normandy RE Buys President’s Park in Herndon HERNDON, VA—Normandy Real Estate Partners has acquired President’s Park — a three-asset office portfolio located on Sunrise Valley Dr. that totals about 600,900 square feet. The Morristown, NJ-based company partnered with Siguler Guff to buy the buildings from Liberty Property Trust. The sales price hasn’t been recorded yet. The campus has 250,000 square feet of vacant space. Liberty Property Trust put three offices on the market last year, along with a fourth building, Corporate Point IV at 14111 Park Meadow Dr. in Westfields. Corporate Point IV, an 80,118-square-foot building that is about 39% occupied, sold in December 2015 to Exeter Property Group for $5 million, or $62 per square foot. Terreno Realty Sells Sterling Industrial STERLING, VA—San Francisco-based Terreno Realty Corp. has sold a 69,000-square foot industrial property here for $8.2 million. The property, which sits on approximately 3.9 acres, and is located at 45201 Global Plaza, is fully leased. The REIT acquired it in 2012 for $6.1 million. The estimated unleveraged internal rate of return was approximately 13.2%.

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