June 26, 2020 Comments Off on Smithsonian Acquires Southwest D.C. Office Space for $254M Views: 766 D.C. News, Top Washington, D.C., Washington, D.C. News

Smithsonian Acquires Southwest D.C. Office Space for $254M

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The Smithsonian Institution has acquired the majority of Capital Gallery, a two-building office campus in Southwest D.C. to serve as its consolidated headquarters. The museum operator paid $253.7 million for the property.

The property, which is located at 600 Maryland Ave. SW, was acquired from an affiliate of Boston Properties in a deal that was recorded June 25 with the D.C. Recorder of Deeds. The acquisition includes all of Capital Gallery’s 10-story west tower and four stories of its eight-story east tower. The Smithsonian first laid out plans for the acquisition during a House committee meeting seven months ago to examine the Smithsonian’s spending plans.

The institution already leases more than 230,000 square feet at the property. Boston Properties will continue to manage the rest of the complex, including the garage, ground-floor retail and common areas.

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