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Ruben Cos. Markets Pennsylvania Plaza With Eye on $250M Sales Price

WASHINGTON, DC-It has tapped Cushman & Wakefield to market 601 Pennsylvania Ave., NW.

By Erika Morphy | erikamorphy | | Updated on July 22, 2016
Pennsylvania Plaza Pennsylvania Plaza

WASHINGTON, DC-Ruben Cos. has tapped Cushman & Wakefield to market 601 Pennsylvania Ave., NW. It developed the 12-story, 193,000 square foot property, also known as Pennsylvania Plaza, in 1990 and has owned and operated it ever since.

JP Morgan is the anchor tenant occupying 22% of the building. Overall the building is 94% leased to such tenants as Cisco Systems, T-Mobile, Merck, DuPont and the National Gallery of Art. It is also home to the Fiola da Fabio Trabocchi restaurant, a reputed power-broker restaurant that has fed US presidents, visiting dignitaries and top executives.

Located in the Penn Quarter submarket, C&W bills the property as a good location for government affairs offices and lobbying departments of Fortune 500 firms. Such firms, C&W notes, pay nearly a 30% premium to average Class A office rents. Another statistical tidbit C&W has produced for its marketing materials: only one-third of commercial property along Pennsylvania Avenue is privately owned, largely on a long-term basis, “making this offering a once-in-a-generation opportunity.”

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