{"id":1004536637,"date":"2021-05-21T01:44:36","date_gmt":"2021-05-21T09:44:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004536637"},"modified":"2022-12-08T17:15:57","modified_gmt":"2022-12-09T01:15:57","slug":"hines-global-picks-up-dc-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/","title":{"rendered":"Hines Global Picks Up DC Office Building"},"content":{"rendered":"<div id=\"attachment_1004536644\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004536644\" data-attachment-id=\"1004536644\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/1015-half_street-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg\" data-orig-size=\"821,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1015 Half_Street resized\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1015 Half St. S.E. Image courtesy of Hines &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg?w=821\" class=\"wp-image-1004536644 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"219\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg 821w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg?resize=300,219 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg?resize=768,561 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004536644\" class=\"wp-caption-text\">1015 Half St. S.E. Image courtesy of Hines<\/p><\/div>\n<p>Hines Global Income Trust Inc. has acquired a 10-story, 396,000-square-foot trophy office property at 1015 Half St. S.E. in the Capitol Waterfront submarket of Washington, D.C., a market with the lowest office vacancy rate in D.C. at 7.9 percent.<\/p>\n<p>The multi-tenant property is 96 percent leased, mainly by federal government and D.C. government agencies.<\/p>\n<hr \/>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/dc-mixed-use-project-moves-forward-with-105m-in-financing\/\">DC Mixed-Use Project Moves Forward With $105M in Financing<\/a><\/p>\n<hr \/>\n<p>The seller and price were not disclosed by Hines. However, PGIM Real Estate is the most recent owner of the property, according to CommercialEdge data. <a href=\"https:\/\/commercialobserver.com\/2021\/05\/hines-global-income-trust-acquires-trophy-office-1015-half-street-in-dcs-capitol-riverfront\/\" target=\"_blank\" rel=\"noopener\"><em>Commercial Observer<\/em><\/a> reported the property was built by Opus East and Prudential Real Estate Investors, now known as PGIM Real Estate. The<a href=\"https:\/\/www.bizjournals.com\/washington\/news\/2021\/05\/20\/1015-half-st-ne-sold-to-hines.html\" target=\"_blank\" rel=\"noopener\"><em> Washington Business Journal<\/em><\/a> reported the asset was sold for more than $215 million. The building has about 373,000 square feet of office space and approximately 20,000 square feet of first-floor retail. According to CommercialEdge, rent averages about $55 per square foot.<\/p>\n<p>The property is a Class A, LEED Gold-certified building located near the Nationals\u2019 baseball stadium and one block from the Metro. The area has strong connectivity to the Capitol and federal government districts, Reagan National Airport and Amazon\u2019s second headquarters being built across the Potomac River in Arlington, Va.<\/p>\n<p>Alfonso Munk, president and chief investment office \u2013 Americas, Hines Global, said in a prepared statement the international real estate firm believes in Washington, D.C., as an institutional market. He said the acquisition aligns with Hines\u2019 conviction that high quality office product will outperform the market and provide tenants with a dynamic working environment. The acquisition is the REIT\u2019s second office asset and first office acquisition since July 2016.<\/p>\n<p>Hines research shows the Capitol Riverfront population has nearly doubled in the last 11 years and attracts a younger demographic for the live-work-play environment. The area has seen a recent increase in development with expected growth of approximately 15,000 residential units and 1 million square feet of retail by 2022. Hines said private and public sector office tenants are attracted to the \u201cmixed-use feel\u201d of the neighborhood that has more than 80 restaurants and more than 50 retailers.<\/p>\n<p>Janice Walker, chief operating officer of Hines Global, said in prepared remarks the building is being acquired at a discount to replacement cost and the 2021 high-watermark trade in the submarket.<\/p>\n<p>\u201cThe discounted basis plays well into the current environment and our thesis of investing in resilient markets,\u201d Walker said in her comments.<\/p>\n<p>The transaction was led by Geer LeBoutillier and Hasani Hayden on behalf of Hines in Washington, D.C. Hines Global was represented by Omar Throwfeek, Kimberly Magness and Aaron Mader.<\/p>\n<p>This week, Hines also announced Hines Global, a public REIT sponsored by Hines, acquired an <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-global-acquires-amazon-fulfillment-center\/\">e-commerce fulfillment center<\/a> in Jeffersonville, Ind., that\u2019s fully leased to Amazon. In February, Hines purchased an <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-picks-up-silicon-valley-office-building-for-68m\/\">office building leased by Apple<\/a> in Santa Clara, Calif., for $68 million, according to Santa Clara County records. Hines Global acquired a four-building, 417,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-global-acquires-silicon-valley-industrial-portfolio\/\">industrial and manufacturing portfolio<\/a> for $107.1 million in August 2020.<\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 10-story trophy asset reportedly sold for more than $215 million. <\/p>\n","protected":false},"author":1068,"featured_media":1004536644,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21747,1615],"tags":[48548,32797,45569,34714],"class_list":["post-1004536637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-office","category-washington-dc","tag-alfonso-munk","tag-hines","tag-hines-global-income-trust","tag-pgim-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hines Global Picks Up DC Office Building - 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\/hines-global-picks-up-dc-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Global Picks Up DC Office Building\" \/>\n<meta property=\"og:description\" content=\"The 10-story trophy asset reportedly sold for more than $215 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/\" \/>\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=\"2021-05-21T09:44:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:15:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"821\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\/hines-global-picks-up-dc-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/\",\"name\":\"Hines Global Picks Up DC Office Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg\",\"datePublished\":\"2021-05-21T09:44:36+00:00\",\"dateModified\":\"2022-12-09T01:15:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-global-picks-up-dc-office-building\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1015-Half_Street-resized.jpg\",\"width\":821,\"height\":600,\"caption\":\"1015 Half St. S.E. 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