Quadrangle JV Pays $95M for DC Office Asset
A joint venture led by Quadrangle Development Corp. has paid $95 million for 1099 New York Ave. NW, a 177,155-square-foot office building in Washington, D.C., public records show. Credit Suisse was the seller.
The new ownership took out a $57 million acquisition loan from Barclays Capital Real Estate and Argentic Real Estate Finance, according to public records.
The property previously traded in September 2009, when Tishman Speyer sold the asset for $90.5 million or $510.9 per square foot, according to CommercialEdge information. In 2023, UBS acquired Credit Suisse in an all-stock transaction.
The 11-story building came online in 2008 and features five passenger elevators, a rooftop deck and 10,500 square feet of ground-floor retail space, the same source shows. Additionally, the LEED Gold-certified property has floorplates averaging 16,105 square feet, a fitness center and a 49,500-square-foot parking structure.
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Tenants within the building include CGTN, Securities Industry and Financial Markets Association and Jenner & Block LLP.
The building is located in the city’s downtown, 30 miles from Dulles International Airport. The property is also within walking distance of One Franklin Square, a 612,189-square-foot building where The Washington Post signed a 300,000-square-foot lease extension.
DC tops the nation for office sales volume
The Washington, D.C., office market saw the largest sales volume in the U.S. year-to-date as of February, clocking in at $429 million, according to the latest CommercialEdge office report. The metro’s vacancy rate stood at 16.1 percent, 180 basis points below the national average.
In January, In-Rel Properties acquired 7500 Old Georgetown Road, a 335,000-square-foot Class A office building. The 16-story asset traded for just under $30 million, more than $100 million less than its previous sale in the fall of 2019.
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