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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Building Area

Property Description

500 D Street, SW (“500 D” or the “Property”) is a 349,701 square foot trophy office asset built in 2015 and 100% leased to the U.S. Government with over 18 years of remaining lease term (September 2039 LXD). This newly constructed LEED Gold asset is one of only two trophy office assets in Washington, DC fully leased to a single U.S. Government tenant with over 10 years of remaining term.

 

The Property is located in Southwest DC, just blocks away from the National Mall and within a mile of the U.S. Capitol. Historically known as a federal agency enclave with 19 other federal agencies headquartered within blocks of the Property, the submarket today is a dynamic focal point for new development and home to The Wharf, a transformative $2.5 billion, 3.2 million square foot mixed-use development along Washington’s Southwest Waterfront. As a result of strong federal spending and the placemaking development in this submarket, new office projects has outperformed with Southwest buildings built since 2015 having a 96.7% occupancy rate.

Investment Highlights

  • Rare opportunity to acquire a newly constructed building 100% leased to one U.S. Government tenant for over 18 years (September 2039 LXD).
  • 1 of 2 office buildings in Washington, DC built since 2015 and fully leased to one U.S. Government tenant with over 10 years of lease term.
  • Stable in-place lease structure – 3% base rent escalations in Years 11 & 16, established real estate tax base year, annual CPI increases on the operating expense base, no termination option, and a renewal option for an additional 10 years at fair market value.
  • Both the Property and USAID’s space were designed to achieve LEED Gold certification; the Property features a sustainable design including an energy efficient envelope.
  • Prominently located blocks away from the National Mall in Washington, DC’s Southwest submarket, home to 19 U.S. Agency headquarters.
  • Ideal accessibility – within a 5-minute walk of two metro stations, L’Enfant Plaza and Federal Center, providing access to 5 of 6 metro lines. Convenient vehicular access to major thoroughfares such as Constitution Avenue and I-395.
  • Abundance of amenity offerings – just blocks away from The Wharf, DC’s transformational mixed-use project encompassing 3.2 million square feet.
  • The asset will be delivered free and clear of debt to take advantage of today’s low mortgage rates.


Last Updated Date: 26 Aug 2021
Jim Meisel
Jim Meisel
Senior Managing Director, Washington, D.C. Office Co-Head
License details
DC-SP100478 MD-521313 VA-0225049461
Andrew Weir
Andrew Weir
Senior Managing Director, Washington, D.C. Office Co-Head
License details
DC-SP98366246 MD-616262 VA-0225099542

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Last Updated Date: 26 Aug 2021

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