OVERVIEW
Class B asset in a Class A location
Address: 1400 Eye Street
Location: Washington, DC
Square Footage: 175,127
Investment Profile: Core-Plus
Purchase Date: May 2006
Sale Date: November 2011
Purchase Price: $41,500,000
Sale Price: $58,500,000
INVESTMENT THESIS
Prime Location | Repositioning Opportunity | Superior Light and Views |
Central DC location above the McPherson Square Metrorail station overlooking Franklin Park | Under-managed asset with opportunity to reposition from underperforming and underutilized office property to higher-end, lower cost alternative to the neighboring properties overlooking Franklin Park | Free-standing corner building with glass line on all four sides and highly efficient, divisible layouts |
EXECUTION
RETAIL REPOSITIONING
Expanded ground floor retail footprint and upgraded storefronts along Eye Street
BEST-IN-CLASS BUILD-OUTS
Offered above market tenant improvement packages relative to competition
BASE BUILDING UPGRADES
Targeted rent impactful capital expenditures including upgraded lobby, elevators, HVAC, bathrooms, common areas and new fitness center
RESULTS
Sold for $58.5 million (41% above purchase price)
JOSS REALTY PARTNERS LLC
650 Fifth Avenue, Suite 2400
New York, New York 10019
Phone (212) 710-8193
