wpostServer: http://css.washingtonpost.com/wpost
Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery 04.17.14
    When a company has legal problems, what does it mean for investors?  What does Yelp’s case before the Virginia State Supreme Court mean for Google and TripAdvisor?  And what does Adam Carolla’s legal battle mean for the future of the MarketFoolery podcast?  We tackle those questions and the exciting world of space law with Assistant General Counsel Chris Harris.
  • MarketFoolery: 04.16.2014
    We analyze the world of digital media, including Pandora, iTunes Radio, Spotify with Audiam CEO Jeff Price.  Plus, Jeff discusses how Netflix, Amazon, and many more are fighting in the “Battle for the Living Room”.
  • MarketFoolery 04.15.14
    We discuss the energy industry landscape, including Big Oil, natural gas, solar stocks and more with analyst Taylor Muckerman.  Plus we look at Chesapeake Energy one year after Aubrey McClendon left the CEO office.    
Capital Business
Posted at 02:35 PM ET, 12/13/2012

Washington office building sells for record $734 million


The Constitution Center building. CREDIT: Ricky Carioti / TWP. (RICKY CARIOTI - THE WASHINGTON POST)
A 1.4 million-square-foot office building near L’Enfant Plaza sold for $734 million Thursday, a figure believed to be the highest price ever paid for a building in Washington.

The seller, David Nassif Associates, confirmed the deal Thursday.

Constitution Center, at 400 7th Street SW, occupies a complete city block. It underwent a complete overhaul following the departure of the U.S. Department of Transportation to Southeast D.C. in 2007.

The building is being purchased by CC Owner, LLC, a joint venture between MetLife and Clarion Partners, according to Tim Jaroch, managing general partner for David Nassif.

As the building’s renovation neared completion, David Nassif landed one of the largest leases in the city’s history, a 900,000-square-foot deal with the Securities and Exchange Commission.

The SEC later backed out of the deal, prompting congressional inquiries, and David Nassif was forced to find other government tenants to fill the building, including the Federal Housing Finance Agency, the Office of the Comptroller of the Currency and the Federal Trade Commission. The National Endowment for the Arts and the National Endowment for the Humanities may fill the remaining portions.

Office developer and manager Hines will manage the building for the new owners, Jaroch said.

“We are pleased to acquire an asset of this quality, which is positioned to provide attractive returns over a long-term investment horizon,” Robert Merck, global head of MetLife Real Estate Investors, said in a statement.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  02:35 PM ET, 12/13/2012

Tags:  Constitution Center, MetLife, Clarion Partners, Securities and Exchange Commission, Federal Housing Finance Agency, commercial real estate

 
Read what others are saying
     

    © 2011 The Washington Post Company