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Exan Capital Starts the Year Buying a 144 Million Trophy Property

January 31, 2018 | by Funds Society, Miami

900 G Street NW, a trophy 112,635-square- foot office building in the East End submarket of Washington, DC, has new owners. The property sold for $144 million to an affiliate of Masaveu Real Estate US that was advised by EXAN Capital. The strategic acquisition of 900 G will grow Masaveu’s footprint in the U.S. with a portfolio value of more than $720 million. ASB completed the transaction on behalf of the Allegiance Fund, its $6.2 billion core investment vehicle that owned the property.

ASB developed 900 G Street in partnership with MRP Realty and subsequently acquired MRP’s interest after the project reached stabilization in 2016. The property is now 95% leased to high profile and blue-chip legal and government affairs tenants including Simpson Thacher, Swiss RE, Rio Tinto, Herman Miller, Truth Initiative, and BMW.

The project was designed by Gensler and earned NAIOP’s award for Best Urban Office Building up to 150,000 square feet in 2016.

Larry Braithwaite, Senior Vice President and Portfolio Manager of ASB’s Allegiance Fund, said: “We saw a strategic, and somewhat unique, opportunity to take advantage of domestic and international capital demand for new Class A product after successfully leasing up this one of a kind trophy project.” “Given current supply/demand dynamics in the market, and the strong interest in assets of this caliber, the sale facilitated our plan for prudently managing the Fund’s overall portfolio,” Braithwaite said.

At about about $1,270/sf, This is a record per-foot price for a Washington office building. Last June, Norges Bank Investment of Norway and Oxford Properties of Toronto paid $1,180/sf, or $151 million, for the 128,000-sf building at 900 16th Street NW from a JBG Cos. partnership in a deal handled by JLL.

Source: Fundssociety


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