JBG Smith sold the historic Pennsylania Ave. property
JBG Smith continues its selling The Warner Building. The 13 story building is a 583,453 square foot. Class A office building at 1299 Pennsylania Avenue, Washington.
The firm sold the building to CBRE Global Investors for $376.5 million. Collins Ege, Nicholas Pappas and Sean McDermott of Eastdil Secured represented JBG Smith in the transaction.
The property includes historic Warner Theatre on the ground floor. It waas part of Vornado Realty Trust’s D.C.-area holdings prior to July 2017.
The office portion was added in 1993 and the property was renovated in 2012. Highlights of the renovation included a dramatic new atrium lobby, fitness center and Sky Terrace roof lounge with dramatic views. Located between the White House and Capitol on Pennsylvania Avenue.
Matt Kelly, JBG Smith CEO, said, “With the sale of The Warner Building we have closed over $760 million of asset sales and recapitalization, the proceeds of which will be used to deleverage our balance sheet and create capacity for future investment opportunities. We plan to continue to capitalize on the current environment to raise attractively priced capital.”
Rober Perry, head of CBRE Global Investors’ Strategic Partners U.S, said that the value adde fund acquired 100 percent ownership of the Warner Building.
Source: CP Executive
Fulya Altunyay/[email protected]