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Hines Global REIT Pays $142 Million for 55 M St.

Joint Venture Sells Premium Office Development in Capitol Riverfront
December 11, 2013
Hines Global REIT, Inc. acquired the nine-story Half St. building in SE Washington, D.C. from a partnership comprised of Lehman Brothers Holdings, MacFarlane Partners, and D.C.-based Monument Realty for $141.9 million, or about $532 per square foot.

The premium mixed-use facility delivered in 2009 at 55 M St. in Washington’s Capitol Riverfront submarket, a few blocks from Washington Nationals Ballpark. Designated LEED Silver upon its completion, the 266,566-square-foot property is currently 89 percent leased to a tenant roster that includes The District of Columbia Department of Transportation, the Federal Aviation Administration, and Sayres and Associates Corp.

"Hines Global REIT was attracted to this property because of the long-term stable tenancy, the premium location and the emerging Capitol Riverfront submarket," said Sherri Schugart, president and CEO of Hines Global REIT.

Eastdil Secured, LLC represented the selling venture in the transaction. Hines will manage 55 M St. on behalf of Hines Global REIT.

Please see CoStar COMPS #2905702 for more information on this transaction.
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