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Jul. 29, 2013

D.C.’s Washington Harbour Sells to South Korean Investors

By Adrian Maties, Associate Editor

D.C.’s Washington Harbour has a new owner. Principal Real Estate Investors acquired the asset for a consortium of South Korean investors advised by Simone Investment. Holliday Fenoglio Fowler L.P. represented the seller, a joint venture between Rockpoint Group and MRP Realty, and announced the closing of the sale on July 22.

The deal was first announced by the Korea IT Times at the end of May. According to the Korean journal, the price of the transaction is estimated at 400 billion won, or around $360 million, making it the region’s largest commercial real estate sale so far this year. MRP Realty and Rockpoint Group paid $245 million to acquire the property in 2010.

The 557,961-square-foot Washington Harbour mixed-use development is located along the Potomac River in D.C.’s Georgetown submarket. Designed by Arthur Cotton Moore, it consists of two freestanding, Class A towers 96 percent leased to 26 tenants, including the law firms of Foley & Lardner and Kelley Drye & Warren, as well as communications and advertising firm GMMB Inc.

The two towers recently underwent a $50 million renovation, including the addition of a fountain and improved retail and exterior space. Retailers include Fiola Mare, Farmers Fishers Bakers, Bangkok Joe’s, Sequoia, Tony & Joe’s Seafood Place and Nick’s Riverside Grill.

The fountain features programmable light and water shows during spring and summer; it can be transformed into a skating rink during the fall and winter months. At 12,000 square feet, the Washington Harbour Ice Rink is the largest outdoor rink in the city.

Principal Real Estate Investors and Hana Daol Fund Management have been selected to manage the property.

Photo credit: www.facebook.com/TheWashHarbour

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