Commerz Real, a subsidiary of German Commerzbank AG, has entered the Washington, D.C market with the acquisition of 1900 N Street for its open-ended real estate fund Hausinvest.
The office building is located in the so-called “Golden Triangle”, the heart of Washington, DC’s central business district.
The seller of the property, which has a leasable area of 25,500 square metres and was completed in 2019, is a joint venture between the local project developer JBG Smith and the Canadian pension fund Canada Pension Plan Investment Board (CPP Investments).
It was agreed that confidentiality be maintained regarding the purchase price.
“A successful entry into the Washington market with a trophy property,” said Maja Procz, Global Head of Transactions at Commerz Real.
”1900 N Street stands out thanks to its striking architecture, which makes the building even more eye-catching on account of its corner location. The lines of sight in the corner offices as well as the spectacular view from the roof-top terrace lend the building a special character,” added Procz.
The conspicuous red steel girders and the column-free, three-storey foyer ensure the building has a strong presence in the cityscape according to Commerz Real.
The building’s appearance was created by KPF Kohn Pedersen Fox, one of the world’s leading architectural firms, known among other things for “One Vanderbilt” and the “Hudson Yards” in New York City, as well as “The Scalpel” in London.
82 per cent of 1900 N Street is currently leased to four office tenants and two gastronomy operators. Among these are the headquarters of the law firm Beveridge & Diamond, a specialist for environmental and planning legislation, the mid-Atlantic headquarters of CBRE, a global real estate services provider, and a branch office of Goodwin Procter LLP, one of the world’s leading law firms.
