Vornado Sells Big in D.C.
- Aug 31, 2015
What’s going on this week in the hot D.C. office market? Nothing new — just another large office building changing hands for an even larger price.
The 13-story building at 1750 Pennsylvania Ave., N.W., is the star of the week. Vornado Realty Trust, the owner, announced on Aug. 25 that it had entered into an agreement to sell the property for $182 million. The sale will result in a financial statement gain of approximately $102 million. It is expected to be completed in the third quarter.
Vornado did not reveal any other details about the transaction. However, the Washington Business Journal reported that John Hancock-Manulife Financial is the buyer. DTZ was retained this spring to market the property.
The 278,000-square-foot office building at was constructed in 1964 just one block from the White House and the Eisenhower Executive Office Building. It was renovated in 2000 and is LEED Gold certified. According to Vornado’s website, there are currently only 7,963 square feet of available space in the building. Its tenant roster includes the U.S. Treasury, AOL Inc., the United Nations Foundation and the U.S. Postal Service.
Photo credit: Vornado Realty Trust