New York, New York December 20, 2011 – The Rockefeller Group (RGI), in a joint venture with Mitsubishi Estate New York (MENY), today announced the acquisition of 1100 First Street NE, a 348,000 square foot Class A office building located in the NoMa submarket of Washington, D.C., from an affiliate of Tishman Speyer. The seller was represented by Eastdil Secured. The purchase price was not disclosed.
1100 First Street is a 12 story LEED Gold-certified office building developed in 2009 by Tishman Speyer and designed by renowned Chicago-based architect Krueck & Sexton. The trophy-quality building is now 95 percent leased and major tenants include: Department of Veterans Affairs, Federal Energy Regulatory Commission and Mathematica Policy Research. NoMa is a rapidly growing submarket in Washington, D.C. consisting of 31 city blocks of office space, residential developments, hotels, and retail amenities creating a dynamic 24/7 environment.
“This transaction is consistent with The Rockefeller Group’s announced strategy to seek well located, premier office assets in constrained markets which are experiencing strong economic recoveries,” said Kevin R. Hackett, President and CEO of RGI. “This is our second asset purchase in the Washington, D.C. market and we are considering additional Class A office buildings in New York, Boston, and San Francisco on behalf of our shareholders and investors.”
Dennis R. Irvin, President and CEO of Rockefeller Group Investment Management, a subsidiary of RGI, said, “This is a very desirable building in a very competitive market. It speaks well of Tishman Speyer, Eastdil and our team that we were able to consummate the deal in a submarket that typifies the District’s most exciting growth.”
The purchase is a joint venture with MENY as was the purchase of 1101 K Street NW in March of this year. “1100 First Street is an excellent addition to our portfolio,” said Masato Kawasaki, Executive Vice President of MENY. “Mitsubishi Estate New York continues to look for investment opportunities in major markets across the US.”
The property at 1100 First Street features a free-standing design in a corner location at First Street NE and L Street NE with an all-glass curtain wall on the north and east facades. In addition to the LEED Gold energy-saving enhancements, tenant amenities include a fitness center on site and convenient access to public and private modes of transportation, most notably Union Station.
The sellers were represented by a team from Eastdil Secured. The purchasers represented themselves.
About The Rockefeller Group (RGI)
RGI is a private corporation dedicated to excellence in commercial real estate and investment management. Headquartered in New York City and owned by Mitsubishi Estate Co. Ltd., a world leader in commercial real estate, RGI was established in 1928 for the development of Rockefeller Center. The company is a renowned owner, developer, investment and asset manager of institutional grade urban and suburban office buildings, corporate headquarters, industrial distribution centers, business suites, and mixed-use complexes. In the United States, the company has offices in Arizona, California, Florida, Maryland, New Jersey and Washington, D.C. The Rockefeller Group’s D.C. office is located at 1700 Pennsylvania Avenue, NW. For more information visit www.rockefellergroup.com.
About Mitsubishi Estate New York (MENY)
MENY is a US investment arm of Mitsubishi Estate Co., Ltd, a comprehensive global real estate developer and investor whose consolidated businesses include building leasing, residential development and sales,
and architecture, as well as real estate brokerage and hotels. Since its establishment in 1972, MENY has
invested in numerous real estate projects including the 777 Tower building in Los Angeles and the PacWest Center in Portland. In 2008 MENY purchased the premier office building One North Central in Phoenix and 1101 K Street NW, Washington, D.C. in March, 2011.
Sandra Manley The Rockefeller Group
Tel: (212) 282-2123 firstname.lastname@example.org
Brian Mahoney The Rockefeller Group
Tel: (212) 282-2590 email@example.com