HFF arranged a joint-venture for the acquisition and development of 699 Fourteenth in Washington, D.C.’s East End. The planned 11-story, trophy office project will be developed by Dallas-based Lincoln Property Company and Chicago-based Pearlmark Real Estate.
An existing historic building and three adjacent parcels were acquired from the Cafesjian Family Foundation Inc. for $57 million. The JV plans to renovate the former home of the National Bank of Washington bank, and develop an adjoining office building.
The site is located at 699 14th St. NW, and will include roughly 135,000 square feet of office and 25,000 square feet of retail. Construction is expected to commence in Q4 2017, and the project is slated to deliver in Q4 2019.
HFF’s Stephen Conley, Susan Carras and Andrew Weir represented Lincoln Property Company.
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