WASHINGTON, DC–Last month GlobeSt.com reported that, according to a source, 1401 New York Ave., was trading for $165 million, or $555 per square foot. The buyer, we reported, was a European-based institutional investment manager.
AXA Investment Managers – Real Assets announced last week that it has completed, on behalf of a client, the acquisition of 1401 New York Ave. It didn't report the purchase price.
In a prepared statement, Aaron Kutner, head of U.S. Acquisitions at AXA IM – Real Assets, said that the features and location of the 12-story, 210,000-square foot office should position the property to outperform the market and deliver strong long term investment results. “The property also aligns with our strategic initiative to invest on behalf of our clients in high quality assets in infill locations within walking distance to mass transit,” he said.
This is AXA Investment Managers' second recent office investment in the DC metro areas — it scooped up Tower in Bethesda during the third quarter. It has also recently acquired, on behalf of clients, a 264,000 square foot office asset in Dallas, Texas and University Center Chicago, a 1,732-bed student housing property in Chicago, Illinois.
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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.
