Monday, December 13, 2010

1225 Connecticut Ave NW trades @ $900 PSF

Brookfield sold 1225 Connecticut Ave. NW to The World Bank for $900 psf last week, the highest price ever paid in DC according to several news outlets (sorry can't confirm - but it was in the news, so it must be true).

This building was bought by Brookfield and Blackstone as part of the 2006 Trizec transaction and serves as collateral in COMM 2007-FL14 and MLFT 2006-1, along with other properties. They immediately began a $32mm renovation which was mostly completed in 2008, but finalized in 2009, and signed The World Bank as the sole tenant of the 240,000 square feet in 2008.

Jones Lang LaSalle took the property to market several months ago, but The World Bank has had an option to buy it that originated with the 2008 lease. Also, the CMBS loan matured in 10/2008, and the fully extended maturity is now 10/11/2011.

Someone made money - both deals saw some LCF and front-pays trade recently.

No comments: