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

Thursday, 11 April 2019

D.C.'s Watergate Office Building Hits Sales Market, Could Fetch $105Mln

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Commercial Real Estate Direct Staff Report

Rockwood Capital is offering for sale the 214,508-square-foot Watergate office building at 2600 Virginia Ave. NW in Washington, D.C.'s Foggy Bottom neighborhood.

The New York real estate investment manager has hired NKF Capital Markets to market the 11-story property. It bought it two years ago for $75 million from a venture of Penzance Cos. and Greenfield Partners and since has invested another $14 million on renovations, including upgrades to its lobby, common areas and bathrooms and added a fitness center and bicycle storage. Upgrades continue that would modernize the building's heating, ventilation and air-conditioning system and free up the its roof, which could be refashioned into a terrace.

The buzz is that the building could sell for about $105 million, or $489.50/sf.

The...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Washington
  • States: District of Columbia
  • Sector: Office
  • Subject: Property Offerings (OFF)
  • Valuation: Between $100 million and $150 million
  • Private: Yes
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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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