DC's K streetWASHINGTON, DC–Los Angeles-based Saban Capital Group has acquired 425 Eye St., NW in the NoMa submarket for $157 million. The seller of the seven-story 372,552-square foot building is Paramount Group, which also just closed on the previously-announced sale of 2099 Pennsylvania Ave., for $220 million.
The last time 425 Eye St., NW, traded was in 2005 for $135.5 million.
As of June 30, 2018, NoMa property was 98.7% leased with weighted average in-place gross annualized rents of $46.16 per square foot. 90% of the office space is leased to the Department of Veterans Affairs.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
