White House-Adjacent Office Asset Trades for $85M

January 22, 2026

Office Investment Mid-Atlantic News More Washington D.C.

Carr Properties and Barings purchased the property at an almost 50 percent discount.

Exterior shot of 1401 New York Ave. NW, a 210,260-square-foot office building in downtown Washington, D.C. — The 210,260-square-foot 1401 New York Ave. NW is one block away from the White House. *Image courtesy of Yardi Matrix*

A partnership between Carr Properties and Barings has acquired 1401 New York Ave. NW, a 210,260-square-foot office asset in Washington, D.C., located one block away from the White House. The joint venture paid $85 million for the property, Washington Business Journal reported.

BNP Paribas AM Alts—known as AXA Real Estate before the French bank BNP Paribas acquired it—sold the D.C. office building after seven years under its ownership. The firm purchased the asset in 2018 from Minshall Stewart Properties, for $166.2 million, or $790 per square foot, according to Yardi Matrix. The property’s current sale price positions it at a 48 percent loss.

However, this particular discounted sale is not in the least an isolated event, but a nationwide office real estate trend in recent months, according to the latest Yardi Matrix office report. In 2025, Washington, D.C. saw nearly $3.8 billion in office investment sales, ranking third in the U.S., behind Manhattan ($7.8 billion) and the Bay Area ($4.7 billion). Still, the figure marks a significant drop from the values recorded in 2024, with assets changing hands for a total of $4.5 billion at an average price of $271 per square foot—while in 2025 they traded at an average of $172 per square foot.

A LEED-certified asset in downtown D.C.

Completed in 1982, the 12-story building features 18,268-square-foot floorplates. A LEED Platinum-certified asset, the mid-rise includes almost 9,000 square feet of retail space and subterranean parking with 168 spots. BlackRock, financial consulting company Capstone and law firms Fisher Phillips, Kasowitz, Nossaman, and Dorsey & Whitney are some of the tenants in the roster.

The new ownership already plans to invest in capital improvements, which will add a new rooftop, a lobby fitness center and conference rooms, Washington Business Journal also wrote. Since completion, 1401 New York Ave. NW has previously undergone cosmetic renovations in 2008 and 2016.

The property is located between Lafayette and Franklin parks, two blocks away from U.S. Route 29 and the McPherson Square subway station, on the Blue and Orange lines.