WASHINGTON, DC–DSC Partners LLC, a real estate investment company formed by Douglas Donatelli and Nicholas Smith, the former CEO and CIO of First Potomac Realty Trust last year, has partnered with Wafra to acquire 1250 Eye St., NW on behalf of an institutional investor. The 12-story, 178,000-square foot building traded for $100 million.
The seller was RREEF Funds acting on behalf of IPERS, according to Real Capital Analytics.
Built in 1982, the building was renovated in 2007 and sits on Franklin Square, which will undergo a $14 million renovation next year.
“We saw this as a rare opportunity to acquire and reposition a high-performing, conveniently located building — effectively reintroducing it to the tenant and brokerage market,” Smith said in a prepared statement. The company is planning a $5 million capital improvement plan that includes modernizing the common areas and adding a fitness center, conference center and tenant lounge.
The property is 70% leased by 16 tenants, including HKS Architects, eBay and PayPal, American Hotel & Lodging Association, and the Distilled Spirits Council.
James Cassidy and Jud Ryan of Newmark Knight Frank represented the seller while financing on behalf of the joint venture was provided by Joe Donato of Newmark Knight Frank. Brendan Owen and Morgan Monroe of Newmark will lease the office, and Dave Dochter and Matt Alexander of Dochter & Alexander Retail Advisors will lease the retail.
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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.
