{"id":1004601733,"date":"2022-09-07T03:17:02","date_gmt":"2022-09-07T11:17:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004601733"},"modified":"2022-12-08T14:31:03","modified_gmt":"2022-12-08T22:31:03","slug":"dc-office-building-commands-531m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dc-office-building-commands-531m\/","title":{"rendered":"DC Office Building Commands $531M"},"content":{"rendered":"
\"601<\/a>

601 Massachusetts Ave. NW<\/p><\/div>\n

Tokyo-based Mori Trust<\/strong> has acquired 601 Massachusetts Ave. NW in Washington, D.C., a Class A, 480,000-square-foot office building from Boston Properties<\/strong> Inc., in the city\u2019s largest deal this year at $531 million.<\/p>\n

The LEED Gold-certified, 11-story building was developed by BXP in 2015. It\u2019s currently 98 percent leased to tenants including Arnold & Porter<\/strong> LLP, a law firm with a 20-year lease, and the Entertainment Software Association<\/strong>. BXP will continue to provide property management services to the new owner.<\/p>\n

BXP structured the disposition as a 1031 exchange deal, acquiring Madison Centre<\/a>,  a Class A, 37-story, LEED Platinum certified office building in Seattle in May for $730 million from a joint venture of Barings<\/strong> and Schnitzer West<\/strong>. At the time, it was the largest multi-tenant office sale in the U.S.<\/p>\n

\n

READ ALSO<\/strong>: Medical Office Sector Resists Adversity<\/a><\/p>\n

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Mori Trust\u2019s acquisition of 601 Massachusetts Ave. NW is also a record-breaker. It\u2019s the largest office transaction in the District of Columbia so far this year. The $531 million price tag, which works out to approximately $1,110 per rentable square foot, surpassed Nuveen Real Estate<\/strong>\u2019s $375 million purchase of the Patrick Henry Building<\/a> at 601 D St. NW from Tishman Speyer<\/strong> in March.<\/p>\n

Owen Thomas, BXP chairman & CEO, said in a prepared statement the disposition demonstrates continued investor demand for premier, well-leased office properties. Located in the Mount Vernon Square neighborhood, 601 Massachusetts Ave. NW is within a quarter mile of a Metro station. It\u2019s also within close proximity to the Capital One Arena and the city\u2019s convention center. The building has approximately 18,000 square feet of street-level retail space, including an RPM Italian restaurant.<\/p>\n

Thomas added the sale represents an important milestone in BXP\u2019s current strategy of reallocating capital to the Seattle market.<\/p>\n

BXP was represented in the transaction by Eastdil Secured<\/strong> and DLA Piper<\/strong> LLP (US).<\/p>\n

Other deals<\/strong><\/h2>\n

601 Massachusetts Ave. NW isn\u2019t the only disposition BXP has made in the DC metro in recent months. In June, Boston Properties sold an 11-building portfolio totaling approximately 740,000 square feet of flex office, industrial and data center space<\/a> in Springfield, Va., to Finmarc Management Inc. for $127.5 million. The mixed-use portfolio was located within the Virginia 95 Business Park, a 127-acre, 16-buidling complex less than 17 miles from downtown Washington, D.C.<\/p>\n

The acquisition is Mori Trust\u2019s second purchase in the region. In March, Mori Trust acquired Arboretum II, two office buildings in Herndon, Va., totaling approximately 323,000 square feet of space, for $142 million from Barings. The two properties were fully leased.<\/p>\n

The Japanese real estate company entered the U.S. market<\/a> in January 2017 with the purchase of two Boston office buildings\u201410 St. James Ave. and 75 Arlington St. in the Back Bay submarket\u2014from Liberty Mutual for approximately $673 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Boston Properties\u2019 sale of 601 Massachusetts Ave. NW marks the city\u2019s largest deal of its kind this year.<\/p>\n","protected":false},"author":1068,"featured_media":1004601753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,21747,1615],"tags":[34917,33026,33101,43901,33224],"class_list":["post-1004601733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-boston-properties","tag-dla-piper","tag-eastdil-secured","tag-nuveen-real-estate","tag-tishman-speyer"],"acf":[],"yoast_head":"\nDC Office Building Commands $531M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Mori Trust has acquired 601 Massachusetts Ave., NW, in Washington, D.C., a Class A office building from Boston Properties for $531 million.\" \/>\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\/dc-office-building-commands-531m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DC Office Building Commands $531M\" \/>\n<meta property=\"og:description\" content=\"Mori Trust has acquired 601 Massachusetts Ave., NW, in Washington, D.C., a Class A office building from Boston Properties for $531 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dc-office-building-commands-531m\/\" \/>\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=\"2022-09-07T11:17:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:31:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/601-Massachusetts-Ave.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\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\/dc-office-building-commands-531m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/dc-office-building-commands-531m\/\",\"name\":\"DC Office Building Commands $531M - 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