Morristown, NJ-based Normandy Real Estate Partners announced this week that, in partnership with Japan's NTT Urban Development, it had closed on the acquisition of 1015 18th Street, NW Washington, DC. The 11-story office building, with an additional 3 floors below ground and 121 parking spaces, was sold for $49.9 million, according to a Nikkei Asian Review article. The property previously sold for $27,600,000 on December 18, 2003. This is the third partnership between Normandy and NTT and is the first in the District.
The 106,000-square foot Golden Triangle office building is located 1.5 blocks from Farragut North and West Metro Stations and was built in December 1970, and later renovated in 1986. Normandy plans to commence a major renovation of the property, which underwent an energy audit in 2010, to transform the asset and help "accelerate leasing velocity on the vacancy." Donohoe Real Estate Services, who represented the unnamed seller in the transaction, has been retained by Normandy as landlord’s leasing agent and anticipates delivering spec suites to the market early this year.
For more news and information visit Blumberg Partners.
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