Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 27 September 2019

D.C.'s Liberty Place Office Building Trades for $154.5Mln

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Commercial Real Estate Direct Staff Report

Artemis Real Estate Partners has paid $154.5 million, or $898/sf, for the 174,000-square-foot Liberty Place office building in Washington, D.C.

The Chevy Chase, Md., investment manager bought the property from Paramount Group, which had acquired it in 2011 for $139 million.

Artemis funded its purchase in part with a $96.7 million mortgage provided by Landesbank Hessen-Thuringen Girozentrale of Frankfurt, Germany.

The 12-story building, at 325 7th St. NW, was built in 1991 and renovated in 2015. Tenants include Alibaba Group, Toyota and the Pharmaceutical Care Management Association.

Liberty Place is in the city's East End neighborhood and sits between D Street and Constitution Avenue. The property is across from the Archives-Navy Memorial-Penn Quarter Metro station and one block from the National Mall.

Paramount plans on using proceeds from the sale to help fund its purchase of the 753,000-sf Market Center office complex in San Francisco that it's buying from Blackstone Group, which had acquired it three years ago for $510 million. Paramount expects to bring in a venture partner for its investment.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Washington
  • States: District of Columbia
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: More than $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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