Manulife Financial Corp. moved forward with the sale of the Thurman Arnold building at 555 12th St. NW in Washington, DC as MetLife and a Norwegian pension fund manager have teamed up to pay roughly $505 million for the property. Manulife originally announced last May that it was seeking buyers for the building, having lost the law firm Arnold & Porter LLP as its anchor tenant. Manulife retained Eastdil Secured to market the 12-story building, which was assessed at $203.8 million, according to a Washington Business Journal article. The sale on the property — now assessed at $579.8 million, according DC's Office of Tax and Revenue — closed Wednesday morning as MetLife and Norges Bank Investment Management secured the property.
The 18-year-old Thurman Arnold Building encompasses a full city block in the East End, at the corner of F and 12th streets. The property is roughly 94% leased, but Arnold & Porter will be moving out of the 447,772 square feet it occupies when its lease ends in 2015. The building is named after the iconoclastic DC lawyer Thurman Arnold who cofounded Arnold & Porter along with Paul A. Porter and Abe Fortas.
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