{"id":1004718107,"date":"2024-07-08T01:47:31","date_gmt":"2024-07-08T09:47:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004718107"},"modified":"2024-08-06T05:04:15","modified_gmt":"2024-08-06T13:04:15","slug":"top-us-office-transactions","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-us-office-transactions\/","title":{"rendered":"Top 5 Office Transactions in the US"},"content":{"rendered":"\n

In the first four months of the year, office transactions in the country amounted to $7.5 billion, with these properties changing hands at an average sale price of $157 per square foot. According to data provided by CommercialEdge, four of the largest office deals totaled $1.2 billion and closed in the Washington, D.C., and Manhattan markets, with a lone Silicon Valley sale cracking the top five. The investment amount of the top five office transactions accounted for 16.3 percent of the total office sales volume in the U.S.<\/p>\n\n\n\n

1. 1201 Wilson Blvd.<\/h2>\n\n\n
\n
\"Central
In February, JBG SMITH sold Central Place Tower in Arlington, Va.. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

In February, JBG SMITH  sold Central Place Tower, a 31-story office building to CoStar Group for $372 million, or $666.1 per square foot. The deal is part of JBG SMITH\u2019s strategic plan to sell properties in order to fund new projects and acquisitions through asset recycling.<\/p>\n\n\n\n

The new ownership plans to move its Washington, D.C.-area operations at the new location, as the existing lease will expire next year. The buyer will establish its new headquarters at the Arlington, Va., office property by occupying a 150,000-square-foot space.<\/p>\n\n\n\n

JBG SMITH, together with joint venture partner PGIM Real Estate, developed the 560,000-square-foot Class A+ office building in 2018. The office building is directly above the Rosslyn Metro station and includes multiple sought-after features, such as 23,087-square-foot floorplates, dining and retail spaces, a fitness center and six levels of parking.<\/p>\n\n\n\n

2. Market Square I and II<\/h2>\n\n\n\n

In March, PRP Real Estate Investment Management acquired the two-building office campus for a total of $323 million, marking the second-largest office deal in the U.S. and also in Washington, D.C. <\/p>\n\n\n\n

The sellers of Market Square I and II were Columbia Property Trust and Blackstone. The joint venture partners acquired the 748,998-square-foot office complex in 2011, paying $615 million, CommercialEdge shows.<\/p>\n\n\n\n

Market Square I and II are two Class A+ office buildings at 701 and 801 Pennsylvania Avenue NW. Both completed in 1990 and each building including 12 stories, the properties feature on-site conference rooms, floorplates between 29,000 and 34,000 square feet and covered parking spaces.<\/p>\n\n\n

\n
\"Texas
Texas Instruments Santa Clara Campus changed hands in late January. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

3. Texas Instruments Santa Clara Campus<\/h2>\n\n\n\n

The third-largest office transaction closed so far in the country was cybersecurity company Fortinet\u2019s $192 million acquisition of Texas Instruments Santa Clara Campus, in Santa Clara, Calif., within Bay Area\u2019s Sunnyvale East submarket.<\/p>\n\n\n\n

Intuitive Surgical sold the 768,254-square-foot office campus in late January at $249.9 per square foot. Originally completed in 1972, the office and R&D complex is at 3833 Kifer Drive and consists of six buildings. The property features on-site conference rooms, a basketball court, 17,600 square feet of amenities, a fitness center and a total of 2151 vehicle parking spots, according to CommercialEdge.<\/p>\n\n\n\n

4. 1740 Broadway<\/h2>\n\n\n\n

Yellowstone Real Estate Investments closed the fourth-largest office transaction in the U.S., when it paid $185 million, or $312.1 per square foot, for the 27-story office building at 1740 Broadway in Manhattan. The Class A high-rise was sold by EQ Office in late April.<\/p>\n\n\n\n

The 603,470-square-foot office tower has traded for much less than what its previous owner paid: Blackstone\u2019s EQ Office paid $600 million back in 2014, when it picked it up from Vornado Realty Trust. At the time, the Deco-style office tower traded for approximately $1,000 per square foot.<\/p>\n\n\n\n

Originally completed in 1950, the property in Manhattan\u2019s Hells Kitchen features floorplates between 8,081 and 34,593 square feet, 7,900 square feet of first floor retail spaces and was last upgraded in 2014, according to CommercialEdge.<\/p>\n\n\n\n

5. 222 Broadway<\/h2>\n\n\n
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\"222
222 Broadway is totaling 789,480 square feet of Class A space. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

At the end of April, GFP Real Estate acquired 222 Broadway, a Class A office tower totaling 789,480 square feet in Manhattan\u2019s Financial District. The 27-story office building was sold by DWS for $147 million. The seller previously picked it up in 2014, when it paid $528 million to seller Beacon Capital Partners, CommercialEdge shows.<\/p>\n\n\n\n

Completed in 1961, 222 Broadway features floorplates between 11,454 and 39,576 square feet, a total of 2,800 square feet of retail space and was last upgraded in 2013. The new owner plans to convert the office property into a residential complex.<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest update from CommercialEdge on the largest deals nationwide.<\/p>\n","protected":false},"author":2991,"featured_media":1004718157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,41288,23891,21742,21747],"tags":[39329,50674],"class_list":["post-1004718107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-rc-listicles","category-national","category-latest","category-office","tag-topofthelist","tag-commercialedge"],"acf":[],"yoast_head":"\nTop 5 Office Transactions in the US - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"In the first four months of the year, office transactions in the country amounted to $7.5 billion, according to CommercialEdge.\" \/>\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\/top-us-office-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 Office Transactions in the US\" \/>\n<meta property=\"og:description\" content=\"In the first four months of the year, office transactions in the country amounted to $7.5 billion, according to CommercialEdge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/top-us-office-transactions\/\" \/>\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=\"2024-07-08T09:47:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-06T13:04:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/texas-santa-clara-e1718803291995.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\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\/top-us-office-transactions\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/top-us-office-transactions\/\",\"name\":\"Top 5 Office Transactions in the US - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-us-office-transactions\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-us-office-transactions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/texas-santa-clara-e1718803291995.jpg\",\"datePublished\":\"2024-07-08T09:47:31+00:00\",\"dateModified\":\"2024-08-06T13:04:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"In the first four months of the year, office transactions in the country amounted to $7.5 billion, according to CommercialEdge.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-us-office-transactions\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/top-us-office-transactions\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-us-office-transactions\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/texas-santa-clara-e1718803291995.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/texas-santa-clara-e1718803291995.jpg\",\"width\":1000,\"height\":750,\"caption\":\"Texas Instruments Santa Clara Campus. 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