Carr Properties Sells Downtown D.C. Office Building to Shorenstein

[ad_1] Carr Properties has offered one other of its Washington, D.C. workplace buildings as a part of its ongoing portfolio reorganization.

The outstanding native landlord offered the property at 901 Ok St. NW to Shorenstein for $84.3 million, in response to paperwork filed with the D.C. Recorder of Deeds. Carr Properties initially developed the 219,000-square-foot constructing, positioned close to the conference heart, in 2009 and subsequently renovated it in 2021. Its present tenants embrace Baker Donelson; Seward & Kissel; Unite Right here Native 25; and Microsoft.

“Carr Properties is happy to have accomplished the transaction of 901 Ok Avenue with Shorenstein,” a Carr spokesperson stated. “We're additionally honored to have been retained to offer property administration providers and the chance to uphold our signature Carr expertise, prioritizing best-in-class hospitality and repair for our clients.”

Moreover, the brand new proprietor secured a $74.3 million mortgage from two AllianceBernstein debt funds. Notably, $53 million of that quantity is particularly allotted for the workplace constructing acquisition.

In keeping with its web site, 901 Ok St. NW marks Shorenstein’s first acquisition in Washington, D.C. in practically twenty years, and it’s presently the one property that the San Francisco-based firm owns within the capital. Previous to 2007, the corporate had been much more lively within the D.C. workplace market, beforehand buying and promoting 5 different properties by means of varied funds. Previous holdings included Hamilton Sq. close to the White Home, the Commonwealth constructing at 1625 Ok St. NW and the in depth Washington Harbour advanced in Georgetown.

The property at 901 Ok St. NW represents the third workplace property within the D.C. space that Carr Properties has divested in current months. In late April, the corporate transferred its curiosity in 1152 fifteenth St. NW, an workplace constructing spanning 394,000 sq. ft that’s adjoining to Midtown Heart. Then, in early Might, Carr offered a Bethesda, Md., workplace constructing measuring 228,000 sq. ft for $35 million.

Carr Properties’ portfolio restructuring is happening amidst a broader transformation of its possession construction: A fund managed by J.P. Morgan Asset Administration (certainly one of Carr’s important buyers) has signaled its intention to promote its 35.5% stake within the firm in alternate for 3 of the properties contained in Carr’s portfolio.

Moreover, information present that Carr has engaged within the sale of two properties for a mixed whole of $120 million — a determine that corresponds to the mixed gross sales costs of the Bethesda and 901 Ok St. properties. In keeping with filings, Carr can also be within the technique of recapitalizing three extra properties. And, final month, the corporate and its accomplice, Nationwide Actual Property Advisors, refinanced the debt on their 1-million-square-foot One Congress workplace constructing in Boston for $650 million.

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