OVERVIEW
High barriers-to-entry location with embedded demand drivers
Address: 1776 Massachusetts Avenue
Location: Washington, DC
Square Footage: 92,939
Investment Profile: Core-Plus
Purchase Date: July 2005
Sale Date: May 2012
Purchase Price: $34,500,000
Sale Price: $45,500,000
INVESTMENT THESIS
Excellent Micro-Market | Potential User Exit | Stable Rent Roll |
Strong tenant loyalty along Embassy Row in Dupont Circle | Demand from institutions along Embassy Row including the Brookings Institute, Carnegie and Johns Hopkins | No lease expirations for four years |
EXECUTION
UPGRADED TENANT DEMOGRAPHIC
Expanded the Brookings Institute and Johns Hopkins University within building
INCREASED RENTABLE SF
Added 5% of rentable sf via BOMA remeasurement
BASE BUILDING UPGRADES
Addressed deferred maintenance items to attract large, credit worthy user groups
RESULTS
Sold for $45.5 million (32% above purchase price)
JOSS REALTY PARTNERS LLC
650 Fifth Avenue, Suite 2400
New York, New York 10019
Phone (212) 710-8193
