Douglas Development Sells DC Office Asset for $106M
The buyer assumed a $75 million Pentagon Federal Credit Union loan as part of the deal.
Douglas Development Corp. has finalized the $106 million disposition of 1000 F Street, a 95,000-square-foot property in Washington, D.C. A partnership between MC Real Estate Partners and an international family office acquired the fully leased asset. As part of the transaction, the buyer assumed the outstanding balance of a $75 million loan that Pentagon Federal Credit Union originated for the seller in August 2019, according to public records.
Located on 2 acres at 1000 F St. NW, the 11-story building delivered in 2017 and merges a modern, glass-clad office building with a two-story historic structure. The property has 7,000 square feet of retail, two passenger elevators and subterranean parking. The tenant roster includes Sephora, Steelcase and Tellurian Investments. The building is within 1 mile of downtown Washington, D.C., the White House and the Capitol.
Eastdil Secured negotiated on behalf of the seller and developer. Latham & Watkins provided legal advice for the buyer, according to Washington Business Journal.
Earlier in December, Douglas Development closed a 49,000-square-foot, long-term lease at its historic Woodies Building, across the street from 1000 F Street. CBRE assisted the owner, while JLL represented the tenant, Morning Consult.