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Foreign Investor Buys 900 G St. NW for Record-Breaking PSF Price

$144 Million Deal Continues Torrid Start for D.C. Office Investment Market in 2018
January 29, 2018
An office market that has already seen nearly $1 billion in sales this month just recorded its highest ever per square price.

A subsidiary of Spanish Corporacion Masaveu S.A. paid $144 million, or about $1,278 per square foot, to acquire the 112,635-square-foot office building at 900 G St. NW from ASB Capital Management. Exan Capital out of Miami advised Masaveu in the transaction.

ASB Capital Management partnered with MRP Realty in 2015 to redevelop the former YWCA build-to-suit located across from the Gallery Place/Chinatown metro station in D.C.'s East End.

Named NAIOP’s Best Urban Office Building up to 150,000 square feet in 2016, the nine-story trophy property is 95% leased to Simpson Thacher, Swiss RE, Rio Tinto, Herman Miller, Truth Initiative, and BMW. ASB Capital acquired MRP’s interest in the property once the building stabilized in 2016.

The sale of 900 G St. NW is the latest in a string of major office buildings to change hands in the last 30 days in downtown D.C., following the sale of Sentinel Square II, the International Trade Commission building, 1401 New York Ave., 1440 New York Ave. and 1255 23rd St. - five buildings that collectively sold for nearly $870 million.

The $1,238 per square foot price in the 900 G St. deal sets a new watermark for downtown D.C., eclipsing the $1,237 per square foot price paid by Oxford Properties Group last July in its $151 million purchase of 900 16th St. NW.

Representatives with Eastdil Secured represented ASB Capital in the sale. For more information on the transaction, please see CoStar Comp #4116679.
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