MRP Realty-Rockpoint JV Buys Office Property in D.C.’s East End
- Aug 07, 2014
Local real estate company MRP Realty has formed a joint venture with Rockpoint Group LLC, a real estate private equity firm based in Boston, to purchase an office property in the East End submarket of Washington, D.C. The two companies on Aug. 4 announced the acquisition of 1333 H St. from Miller Global Properties LLC. The seller was represented by HFF.
MRP Realty and Rockpoint Group did not disclose the price of the transaction. 1333 H St. is a 269,151-square-foot office property located on the corner of 14th and H streets. It consists of two Class A office buildings, one a historic landmark built in 1912 and renovated in 1982, and the second a more modern building constructed in 1982. In a news release, the joint venture said 1333 H St. was 95 percent leased at the time of the sale, with major tenants including Reuters, Center for American Progress and The Institute of International Finance Inc.
“This is another strategic acquisition for MRP and Rockpoint,” Zach Wade, principal of MRP Realty, said in a statement for the press. “The 1333 H St. property enjoys prime positioning and has outstanding tenants, exceptional views and unique features. We will take every opportunity to produce the type of creative space many tenants are looking for today. Our goal is to execute a comprehensive plan that will enhance the tenant experience in a variety of ways.”
CBRE Group Inc. reports that the Washington, D.C., office market experienced 393,000 square feet of negative absorption in the second quarter, with vacancies increasing to 11.3 percent. However, the East End and CBD outperformed all other submarkets. The two registered net absorption of 58,644 square feet and 77,105 square feet, respectively. Overall asking rents also increased in the District, by $2 per square foot quarter-over-quarter, reaching $52.59 on a full-service basis.
Photo credits: Global Holdings Inc.