Washington Harbour Sold Again, This Time for About $250 Million
Written by Administrator on July 8th, 2010
It’s déjà vu once more for the two-building, 532,601-square-foot Washington Harbour office and retail complex facing the Potomac River in Washington, DC.
Sold for the fourth time in the last 10 years, the 22-year-old waterfront property has been sold by Prudential Real Estate Investors to Washington, DC-based MRP Realty and Boston-based Rockpoint Group LLC.
The DC office of Holliday Fenoglio Fowler, representing Prudential, did not disclose the price in a news release.
However, industry sources familiar with the deal and the property tell Real Estate Channel the estimated price was about 0 million or about 9 per square foot. The buyers purchased the property free and clear of debt.
Prudential paid 0 million or about 3 per square foot for the property in 2004, according to District of Columbia land records.
San Francisco, CA-based Shorenstein Real Estate paid 4 million or about 7 per square foot in 2001. Crescent Real Estate Equities of Fort Worth, TX paid about 2 million or about 5 per square foot in 1998.
Besides its 86 percent leasing level, Washington Harbour is considered a prime DC real estate asset because of its location.
“It is the only office building in downtown Washington, DC that has direct access to the Potomac River,” notes Holliday Fenoglio’s DC office managing director Andrew Weir.
Andrew Weir
“As a result, Washington Harbour has become a destination for residents and tourists seeking riverfront dining, as well as office tenants seeking a location with unparalleled views of downtown in a vibrant, amenity-rich environment.”
The property at 3000 K Street Northwest and 3050 K Street Northwest contains 456,376 square feet of Class A office space and 76,225 square feet of retail space.
The 3000 K St. building has six stories; the 3050 structure, seven floors, topped by three stories of residential condominiums. The condos are not part of the sale package.
Among Washington Harbour’s 10 office tenants with long-term leases are Foley & Lardner law firm, 203,500 square feet and Kelley Drye & Warren law firm, 117,500 square feet.
Stephen Conley
The property’s 12 retail tenants include Tony and Joe’s, Fishers and Farmers and Sequoia.
“Washington Harbour is the largest investment sale transaction this year for the Washington office of Holliday Fenoglio Fowler and clearly demonstrates there are buyers out there for properties that have the right combination of tenancy, location and amenities,” adds Stephen Conley, executive managing director of HFF’s DC office.
Holliday Fenoglio broker Elizabeth Taylor Johnston also participated in the transaction, representing the seller.
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