Washington, DC – HFF announced today that it has closed the sale of Washington Harbour, a 557,961-square-foot, mixed-use project located along the Potomac River in Washington, D.C.’s Georgetown submarket.
HFF marketed the property exclusively on behalf of the seller, a joint venture between Rockpoint Group and MRP Realty. The asset was acquired by Principal Real Estate Investors for a consortium of South Korean investors. Simone Investment acted as the managing member of the consortium. Principal Real Estate Investors and Hana Daol Fund Management have been appointed as asset managers.
The Arthur Cotton Moore-designed project consists of two freestanding, Class A towers that have recently undergone an expansive $50 million renovation. Included in the renovations is a new retail and street-level experience with the addition of a fountain with programmable light and water shows in the spring and summer, transforming into a 12,000-square-foot ice skating rink in the fall and winter months. The office space is 96 percent leased to 26 tenants such as the law firms of Foley & Lardner and Kelley Drye & Warren, as well as communications and advertising firm GMMB Inc. Major retail tenants include restaurants such as Fiola Mare, Farmers Fishers Bakers, Bangkok Joe’s, Sequoia, Tony & Joe’s Seafood Place and Nick’s Riverside Grill.
The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir, executive managing director Stephen Conley and senior real estate analyst Matt Nicholson.
Rockpoint Group, L.L.C. is a global real estate investment management firm headquartered in Boston, with additional primary offices in San Francisco, Dallas and London. The firm employs a fundamental value approach to investing and focuses on select product types and geographic regions, with a primary emphasis on opportunities in major coastal markets in the United States. Since its inception in 2003, Rockpoint has sponsored six private investment funds and four co-investment vehicles, with aggregate capital commitments of approximately $9 billion. The firm's six Managing Members have been working and investing together for 14 years and Rockpoint's Founding Managing Members have been working and investing together since 1996. Through the Rockpoint sponsored funds and in prior investment vehicles, Rockpoint's Founding Managing Members have together invested nearly $11 billion of equity in more than 325 transactions with a total capitalization of approximately $40 billion.
Founded in 2005, MidAtlantic Realty Partners, LLC (“MRP Realty”) is a real estate operating company focused on the Washington D.C. metropolitan area. MRP provides a full array of real estate services including acquisition/disposition, development/construction management, property management and asset management services. MRP Realty’s senior leadership team has worked together in Washington, D.C. and its surrounding market area more than 25 years and has wide ranging experience across a multitude of product types in both urban and suburban settings. MRP Realty’s managing members have been involved in more than 20 million square feet of investment with a total capitalization in excess of $4 billion in the Washington, D.C. metropolitan area.
Principal Real Estate Investors manages or sub-advises $46.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.