{"id":1004310230,"date":"2019-03-21T03:38:15","date_gmt":"2019-03-21T11:38:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004310230"},"modified":"2019-03-21T05:43:21","modified_gmt":"2019-03-21T13:43:21","slug":"georgetown-university-buys-downtown-dc-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/","title":{"rendered":"Georgetown University Buys Downtown DC Office Asset"},"content":{"rendered":"
\"\"<\/a>

500 First St. NW<\/p><\/div>\n

Office Properties Income Trust has completed the sale of 500 First St. NW in Washington, D.C., for $70 million, excluding closing costs. The buyer was Georgetown Univerity. <\/p>\n

The nine-story, 129,035-square-foot property is just two blocks from Union Station and is expected to become vacant in the second quarter. The property is on the northwest corner of First and E streets, adjacent to the law school, in the East End\/Capitol Hill neighborhood.<\/p>\n

\u201cWe had planned to substantially renovate and reposition 500 First St. after the (Federal) Bureau of Prisons vacated the building as early as the end of April, but at a sales price of more than $540 per square foot for a to-be-vacant building, we decided to be opportunistic and focus our capital elsewhere<\/em>,\u201d David Blackman, OPI\u2019s president & CEO, said in a prepared statement. \u201cThis sale helps advance our deleveraging efforts, having now completed $268.5 million of asset sales so far in 2019<\/em>.\u201d<\/p>\n

OPI was formed in December 2018, through the merger of Government Properties Income Trust and Select Income REIT<\/a>.<\/p>\n

Georgetown stated that it plans to use the property for a mix of classrooms, offices and collaboration areas. Relevant to the latter, various centers and institutes connected with Georgetown\u2019s law school and the university\u2019s McCourt School of Public Policy will relocate to 500 First St.<\/p>\n

Georgetown is funding the purchase in part through a $10.5 million donation from law school alumnus Scott Ginsburg, the largest single donation to the law school in its history. <\/p>\n

The Class A property built in 1969 last traded for $68 million in mid-2010, according to information provided to Commercial Property Executive<\/em> by Yardi Matrix.<\/p>\n

Rents rise despite ample pipeline <\/h2>\n

The D.C. office market saw 632,819 square feet of net absorption in 2018, for its second-best year in the past five, according to a fourth-quarter report from Newmark Knight Frank. Overall vacancy nonetheless rose 130 basis points year-over-year, to 12.7 percent, an increase is largely cause by substantial deliveries.<\/p>\n

The report notes that \u201cCore submarkets, such as the CBD, East End and Capitol Hill, still command the highest rents in the District. The substantial development pipeline continues to exert downward pressure on effective rents, yet asking rents continue to increase with the delivery of newer product<\/em>.\u201d<\/p>\n

Asking rental rates, per NKF, increased 0.3 percent from one year ago, to almost $55.1 per square foot.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a nimble change of strategy, Office Properties Income Trust sold 500 First St. for $70 million rather than proceeding with a planned renovation of the soon-to-be-vacant building.<\/p>\n","protected":false},"author":882,"featured_media":1004310233,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,11,21742,21747,1615],"tags":[44804,38801,38842,44801,42080],"class_list":["post-1004310230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-capitol-hill-neighborhood","tag-georgetown-university","tag-government-properties-income-trust","tag-office-properties-income-trust","tag-select-income-reit"],"acf":[],"yoast_head":"\nGeorgetown University Buys Downtown DC Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Georgetown University Buys Downtown DC Office Asset\" \/>\n<meta property=\"og:description\" content=\"In a nimble change of strategy, Office Properties Income Trust sold 500 First St. for $70 million rather than proceeding with a planned renovation of the soon-to-be-vacant building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-21T11:38:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-21T13:43:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/\",\"name\":\"Georgetown University Buys Downtown DC Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg\",\"datePublished\":\"2019-03-21T11:38:15+00:00\",\"dateModified\":\"2019-03-21T13:43:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg\",\"width\":1000,\"height\":800,\"caption\":\"500 First St. NW\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Georgetown University Buys Downtown DC Office Asset\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Georgetown University Buys Downtown DC Office Asset - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/","og_locale":"en_US","og_type":"article","og_title":"Georgetown University Buys Downtown DC Office Asset","og_description":"In a nimble change of strategy, Office Properties Income Trust sold 500 First St. for $70 million rather than proceeding with a planned renovation of the soon-to-be-vacant building.","og_url":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-03-21T11:38:15+00:00","article_modified_time":"2019-03-21T13:43:21+00:00","og_image":[{"width":1000,"height":800,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/","url":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/","name":"Georgetown University Buys Downtown DC Office Asset - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg","datePublished":"2019-03-21T11:38:15+00:00","dateModified":"2019-03-21T13:43:21+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg","width":1000,"height":800,"caption":"500 First St. NW"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/georgetown-university-buys-downtown-dc-office-asset\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Georgetown University Buys Downtown DC Office Asset"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/500-First-St.-NW.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004310230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004310230"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004310230\/revisions"}],"predecessor-version":[{"id":1004310347,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004310230\/revisions\/1004310347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004310233"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004310230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004310230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004310230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}