January 9, 2019
The Warner Building, a 583,453-square-foot office building, located at 1299 Pennsylvania Ave., NW in Washington, D.C., has traded hands. Los Angeles-based CBRE Global Investors acquired the 13-story East End asset from JBG Smith for $376.5 million.
JBG Smith’s Matt Kelly says, “With the sale of The Warner Building we have closed over $760 million of asset sales and recapitalizations, the proceeds of which will be used to de-leverage our balance sheet and create capacity for future investment opportunities.”
Eastdil Secured’s Collins Ege, Nicholas Pappas, and Sean McDermott represented the seller. JBG Smith had held a 55% ownership interest in the 98.3% leased building.
Incarnations of the 1924-era building encompass the original Earle Theatre and later the the Warner Theatre. The mixed-use office component was added in 1993, and last renovated in 2012. JBG Smith took control of the asset in 2017 as part of the spin-off and merger between Vornado Realty Trust and The JBG Cos.
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