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Jones Lang LaSalle, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this offering for the sale or recapitalization of One Franklin Square (the “Offering”), a generational opportunity to acquire an iconic asset that is home to The Washington Post. The Class A, 638,807 BRSF asset sits four blocks from the White House and serves as the headquarters for The Washington Post (48% of RBA, Dec-31 LXD). One Franklin Square is 93% leased to 14 tenants with 8.5 years of weighted average remaining lease term (WALT).
The Washington Post, acquired by Jeff Bezos in 2013, chose One Franklin Square as its new headquarters in 2014 as the Property uniquely caters to its mission as a global leader in media, and a total of over $70 million ($231 PSF) has been invested in the tenant’s premises since that time. The Washington Post has expanded twice since their initial occupancy, signaling its ambitions under Bezos’ ownership, and has a highly specialized build out.
One Franklin Square stands as Washington, DC’s tallest commercial building and represents the city’s most prominent signage opportunity. The Property recently underwent a $26.2 million repositioning and redefines the standard for Washington, DC office amenities: a rooftop terrace and conference room with capacity for 130 people and sweeping views of the Washington, DC skyline, a new fitness and yoga center, and a recently revitalized retail experience including Compass Coffee, SoHo Café, and Union Kitchen. The asset sits prominently overlooking Franklin Park, which recently completed an $18 million renovation making it one of Washington, DC’s premier outdoor amenities.
One Franklin Square is a compelling opportunity that offers investors secure, appreciating cash flow from a diverse and durable collection of tenants and attractive yield characteristics.
- A generational opportunity to acquire an iconic asset that is home to The Washington Post and just blocks away from The White House
- Stable and appreciating cash flow: 93% leased to 14 tenants with 8.5 years of WALT with 83% of revenue coming from The Washington Post, AmLaw 200 Law Firms, or the U.S. Government
- Headquarters to The Washington Post (48% of RBA, Dec-31) a bastion of American democracy turned innovative multi-media company that is owned by the richest person on earth, Jeff Bezos, who has global aspirations for The Post
- A recent $26.2 million repositioning redefines the standard for Washington, DC office amenities: a rooftop terrace and conference facility with sweeping monumental views, a new fitness center and yoga studio, and a dynamic retail lineup of Compass Coffee, Union Kitchen, and SoHo Café
- The asset prominently overlooks Franklin Park, the largest greenspace downtown, which completed an $18 million renovation transforming it into one of Washington, DC’s premier outdoor amenities
- Located at the core of Downtown Washington’s live work-play environment and easily walkable to 14th Street, Dupont & Logan Circle, Midtown Center, and City Center
- Direct access to McPherson Metrorail Station (Blue, Orange, and Silver lines) and immediate vehicular access to three of Washington’s major thoroughfares (K Street, 13th Street and 14th Street)
- Owned and managed for over 25 years by Hines, one of the world’s most prestigious sponsors, who has developed approximately 2.0 million SF of office, luxury apartments and hotel within a half mile
- Free & clear of debt