January 23, 2018 Comments Off on German Investor Picks Up DC Asset for $250M Views: 2526 National News, Northeast

German Investor Picks Up DC Asset for $250M

Munich Re, the German reinsurance company, is buying the Washington Building in Washington, DC from an affiliate of Clarion Partners for $250 million. The deal works out to roughly $1,168-per-square-foot.

The 214,000-square-foot commercial real estate property is located a block from the White House at 1440 New York Ave. NW. The 11-story building is fully leased to Skadden, Arps, Slate, Meagher & Flom LLC.

Cushman & Wakefield handled the sale. D.C.-based EastBanc advised the buyer.

EastBanc’s Anthony Lanier told the Business Journal that the sale was notable from a pricing perspective, as well as Munich Re’s acquisition of one of the few enduring buildings of its stature with a prime vantage point of the White House.

Read more at Washington Business Journal

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