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)