September 22, 2016
MetLife Inc. and Norges Bank Real Estate Management joined forces once again to acquire an existing office building, Constitution Square Three; and one soon-to-be-constructed property — Constitution Square Four — for a total of $421.8 million. The buy from StonebridgeCarras represents the joint venture’s second in Washington DC, and fifth overall.
Constitution Square Three is a 345,000-square-foot building at 175 N. St. NE, with street-level retail. Constitution Four will be 493,000 square feet, upon completion. The combined buildings are leased to the U.S. General Services Administration. The Constitution Square development encompasses 2.7 million square-feet in DC’s “NoMa,” or “North of Massachusetts Avenue” submarket.
“Constitution Square represents the opportunity to add a high-quality, fully leased asset in a core market to our joint portfolio with Norges Bank Real Estate Management,” said Robert Merck with MetLife.
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