Hines Global acquires 396,000 sq ft office building in Washington, D.C

Hines Global acquires 396,000 sq-ft office building in Washington, D.C
1015 Half Street Image : Courtesy of Himes

Hines Global Income Trust, Inc. (Hines Global) has bought 1015 Half Street, a 396,000-square-foot trophy office building in Washington, D.C.

Hines Global said 1015 Half Street is a LEED Gold, Class-A, institutionally managed office building that is 96% leased, predominantly by US and District of Columbia government organizations.

One block from the metro and near the Nationals’ ballpark, it is located in the Capitol Riverfront submarket, one of the most exciting neighborhoods in this global gateway city and a true live-work-play environment.

“We are strong believers in the allure of Washington, D.C. as an institutional market, and the acquisition of 1015 Half Street allows us to bring the combination of market liquidity and future growth to our investors. This investment aligns with Hines’ conviction that high-quality office product will outperform the market and provide tenants with a dynamic working environment,” said Alfonso Munk, president and chief investment officer – Americas of Hines Global.

“With recent escalations in construction cost, 1015 Half Street is being acquired at a discount to replacement cost and the recent 2019 high-watermark trade in the submarket. The discounted basis plays well into the current environment and our thesis of investing in resilient assets,” noted Janice Walker, chief operating officer of Hines Global.