{"id":1004739797,"date":"2024-12-05T07:22:28","date_gmt":"2024-12-05T15:22:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004739797"},"modified":"2024-12-05T07:22:30","modified_gmt":"2024-12-05T15:22:30","slug":"banyan-street-pays-28m-for-dc-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/banyan-street-pays-28m-for-dc-office-building\/","title":{"rendered":"Banyan Street Pays $28M for DC Office Building"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1250-H-Street-Washington-D.C-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004739799\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/1250-h-street-washington-d-c-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1250-H-Street-Washington-D.C-edited.jpg\" data-orig-size=\"640,480\" 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;\\u00a9 Yardi Systems, Inc.&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=\"1250 H Street, Washington D.C.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1250-H-Street-Washington-D.C-edited.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1250-H-Street-Washington-D.C-edited.jpg\" alt=\"Exterior shot of 1250 H Street, a 196,490-square-foot, Class A office building in Washington, D.C.\" class=\"wp-image-1004739799\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1250-H-Street-Washington-D.C-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1250-H-Street-Washington-D.C-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The 1250 H Street office property is known as Herald Square building. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Banyan Street Capital has acquired 1250 H St., a 196,490-square-foot office asset from Equity Commonwealth. The sale price was $27.5 million, public records show. Kairos Investment Management Co. originated a $28.5 million acquisition loan for the transaction. <\/p>\n\n\n\n<p>Also known as Herald Square, the Class A building traded for less than half its 2025 assessed value of $76.2 million, the <em>Washington Business Journal<\/em> reported. At the time of the deal, the building was 90 percent occupied. <\/p>\n\n\n\n<p>Equity Commonwealth previously purchased the property in 1998 from Gibson Dunn &amp; Crutcher for $59 million, according to CommercialEdge data. <\/p>\n\n\n\n<p>The buyer will also manage the property. Cushman &amp; Wakefield\u2019s Senior Directors Phil Dickinson and Chris Getz, together with Executive Managing Director John Benziger will handle leasing operations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-upgrades-coming-to-herald-square\">Upgrades coming to Herald Square<\/h2>\n\n\n\n<p>The new ownership plans to renovate and expand the lobby, as well as upgrade the common areas and restrooms. Upgrades will include the addition of a new conference and event space on the second floor, suitable for more than 100 people.<\/p>\n\n\n\n<p>Completed in 1992, the LEED-certified building rises 11 floors and comprises first-floor retail, underground parking, as well as a fitness and wellness center. The tenant roster includes Land Trust Alliance, International Dairy Foods Association, Environmental Council of the States, U.S.-Mexico Foundation and BNY Mellon Wealth Management.<\/p>\n\n\n\n<p>The office building is at the corner of 13th Street, less than half-a-mile from The White House. The Lincoln Memorial, the National Gallery of Art, and the United States Capitol are all within 2 miles of the property.<\/p>\n\n\n\n<p>Earlier this month, <a href=\"https:\/\/www.commercialsearch.com\/news\/eqc-sells-2-office-assets-in-austin-for-65m\/\">Equity Commonwealth sold two other office assets<\/a> in Austin, Texas, for $64.5 million: the five-building, 440,000-square-foot Bridgepoint Square and the 176,000-square-foot Capitol Tower.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property traded for less than half of its previous sale price.<\/p>\n","protected":false},"author":3619,"featured_media":1004739799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21747,1615],"tags":[32943,36999,50704],"class_list":["post-1004739797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-banyan-street-capital","tag-equity-commonwealth","tag-kairos-investment-management-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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