WASHINGTON, DC–Clark Enterprises has sold its 70% stake in 500 North Capitol St., NW, for a grossed up price of $231.4 million, or $995 per square foot. The buyer is EXAN Capital, a Miami-based investor that either acquired the building for its own account or acquired it on behalf of another investor, as it did with another recent transaction in Chicago: namely, Two First National Plaza, an office building on 20 South Clark St. that sold for $72 million. EXAN represented Allegra European Holdings in that deal.
According to EXAN's website, 500 North Capitol St.'s NOI is $10.7 million and the cap rate at the time of purchase was 4.63%.
Boston Properties has had a 30% ownership stake in the building since April 2010, when it helped resolve a troubled situation. It is keeping its ownership stake as Clark Enterprises exits its investment.
The property was redeveloped in 2012 with new mechanical systems, facade and the addition of two floors.
The building is currently 97% occupied. Tenants include McDermott Will & Emery, Alpine Group, Dow Chemical Company and PJ Media.
Requests for comment made to EXAN and Clark Enterprises have not been immediately returned. GlobeSt.com will update this story accordingly if/when we hear back.
WASHINGTON, DC–Clark Enterprises has sold its 70% stake in 500 North Capitol St., NW, for a grossed up price of $231.4 million, or $995 per square foot. The buyer is EXAN Capital, a Miami-based investor that either acquired the building for its own account or acquired it on behalf of another investor, as it did with another recent transaction in Chicago: namely, Two First National Plaza, an office building on 20 South Clark St. that sold for $72 million. EXAN represented Allegra European Holdings in that deal.
According to EXAN's website, 500 North Capitol St.'s NOI is $10.7 million and the cap rate at the time of purchase was 4.63%.
Boston Properties has had a 30% ownership stake in the building since April 2010, when it helped resolve a troubled situation. It is keeping its ownership stake as Clark Enterprises exits its investment.
The property was redeveloped in 2012 with new mechanical systems, facade and the addition of two floors.
The building is currently 97% occupied. Tenants include
Requests for comment made to EXAN and Clark Enterprises have not been immediately returned. GlobeSt.com will update this story accordingly if/when we hear back.
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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.
