Ponte Gadea buys DC Office Tower for $385m
Spain based Ponte Gadea bought The Invesment Building. The company purchased the asset from a joint venure of JP Morgan Asset Management and JBG Smith for $385.4 million.
The property also known as 1501 K was developed in 1922. Besides, ıt redeveloped in 2001. The asset is located at 1501 K St. NW. The property is 92 percent leased and counts Sibley Austin LLP as its anchor. Sibley Austin LLP will be the lead tenant through 2031. Amenities at 1201 K include 18,800 square feet of ground level retail space and a three level underground parking facility.
Samantha Ahuja represented the buyer in the transaction. Greenberg Traurig’s Nelson Migdal, Nicholas Palmer and Rosemarie Salguero were also part of the team.
Source: CP Executive
Fulya Altunyay/[email protected]