Presidential Tower trades for $100m
Beacon Capital Partners has sold Presidential Tower to Starwood Capital Group. The buyer received $98.5 million in financing from Société Générale and MetLife to acquire the property, and the full price of the building was reported to be around $100 million.
Joining Ryan on the deal were NKF’s Executive Managing Director James Cassidy & Co-Head of U.S. Capital Markets Robert Griffin. The brokerage firm represented the seller. At the time of the sale, Presidential Tower was 93 percent leased, with a tenant roster consisting of technology companies, defense contractors and the federal government.
Presidential Tower is a 349,303-square-foot, Class A office building in Arlington, Va. It is situated just two blocks away from the upcoming Amazon HQ2 site. It is nearby Reagan National Airport and has convenient acces to the Crystal City Metro Station. The 12 storey building is located at 2511 Jefferson Davis Highway in National Landing.
Jud Ryan, Newmark Knight Frank’s executive managing director, said that the major appeal is that it’s located a couple of blocks from Amazon HQ2 in what most people would view as the most transitioning market within Washington, D.C., right now.”
He added, “Even though we’re early in the announcement by Amazon and they haven’t yet moved into their space, we can draw a parallel to other markets like Seattle and understand the amount of growth that occurred after Big Tech landed. Generally speaking, over a 10-year period of time following a big tech company coming to an area.”
In 2013, Beacon Capital Partners began a major renovation of the building, which included modernizing the main lobby, restrooms and corridors, as well as the addition of top-class amenities.
Source: CP Executive
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