Morristown, New Jersey-based Normandy Real Estate Partners, a real estate investment and management firm, has purchased the iconic National Press Building in Washington, DC for $155.5 million, or nearly $317 per square foot. The 14-story building was sold by a venture between AEW Capital Management and Quadrangle Development Corp. which paid $167.5 million, or roughly $400 per square foot, for the property in June 2011.
Built in 1927-1928 for the National Press Club on the site of the Ebbitt Hotel and renovated in both 1985 and 2004, the National Press Club building at 529 14th St NW includes 468,251 gross square feet in Washington's East End submarket. The AEW-Quadrangle team retained what was then Cassidy Turley — now Cushman & Wakefield — in the summer of 2014 to seek buyers for the building, which at the time was assessed at $237.5 million.
"We are very excited about the acquisition of the National Press Building and our increasing level of acquisition activity across the Washington, D.C. region. We look forward to launching a program of targeted capital improvements to this iconic building in order to drive leasing activity and to take full advantage of the improving fundamentals we are seeing in the Washington, D.C. market," said Jeff Gronning, a Founder and Partner of Normandy Real Estate Partners, in a press release.
The National Press Club still makes its home on the two highest floors of the 14-story office and retail tower, with a mix of other tenants including American Physical Society, Office of Transition Initiatives (OTI), the American Council for an Energy-Efficient Economy (ACEEE), Marshalls, and Nine West. The property is located just blocks from major Federal buildings, some of the nation' s largest firms and associations, and is mass-transit oriented via Metro Center metro station. The building is also one of a very rare few in the U.S. that boasts its own ZIP code: 20045.
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