WASHINGTON, DC–Carr Properties has closed two separate transactions: the sale of 1255 23rd St. NW and the purchase of 350 Morse Street, NE. These transactions followed on the heels of Carr's recent $300 million convertible debt investment by Clal Insurance Enterprises Holdings.
1255 23rd St. NW is a 341,000-square-foot West End office building with multiple tenants, including the Humane Society of the United States. Carr entered into a joint venture in 2011 with the Canada Pension Plan Investment Board and MetLife Real Estate Investments to purchase the building for $137.4 million. The building then received extensive renovations and upgrades and after the improvements were completed, the owners signed more than 269,000 square feet of leases.
350 Morse St., NE, will be developed into an office and retail mixed-use building in Union Market. It will be a part of the Market Terminal development, a mixed-use project.
Stroock represented Carr Properties in both transactions; Jeff Keitelman, Steven Moskowitz, Joseph Miller, Kelly Booker and Logan Wyman worked on the 1255 23rd St. NW, deal and Keitelman, Gail Suchman, Miller and Booker worked on 350 Morse St., NE.
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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.
