Joint venture of Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York sells premier East End office tower in downtown Washington, D.C., after occupancy gains
WASHINGTON, D.C. – June 25, 2015 – The Rockefeller Group, on behalf of a joint venture of Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York (MENY), has sold 1101 K Street NW, a 10-story, 292,000-square-foot Class A office tower in downtown Washington, D.C. The seller was advised by Eastdil Secured. Terms of the sale were not disclosed.
The Rockefeller Group and Mitsubishi Estate New York acquired the building in 2011, and through a combination of new leases and renewals, brought occupancy to approximately 96 percent from 80 percent at the time of acquisition. The building, which is bounded by K and L Streets NW and 11th and 12th Streets NW, was completed in 2006 and is certified LEED® Gold by the U.S. Green Building Council.
“Throughout Washington, D.C., tenants and investors continue to be attracted to the highest quality buildings in good locations,” said Atsushi Nakajima, president and chief executive officer of The Rockefeller Group. “1101 K Street has performed well, which created an opportunity for us and our investors to accelerate our projected hold period and capture value. The building’s central location, newer construction and amenities should continue to position it well for many years to come.”
In addition to a central location in the East End submarket, which has a high concentration of Class A office space and proximity to transportation, amenities include on-site parking, a fitness center and an outdoor roof terrace. The building is also home to the popular restaurant Brasserie Beck. The building, which was originally completed in 2006, was designed by architect Davis Carter Scott and developed by a partnership of JBG Cos. and Rockwood Capital.