Jamestown Properties closed on its acquisition of 733 10th St., an office and retail development in Washington, D.C.’s East End submarket, for $140 million from Skanska.
The class-A, 171,000-sq.-ft. office building was developed by Skanska starting in 2009, and was designed to give small and mid-sized companies a large-caliber presence with eight floors of trophy-quality office space. The LEED Gold property seamlessly blends energy-efficient floor-to-ceiling windows and a green roof system with an exceptionally efficient floor plate design. It also features 1,800 sq. ft. of ground-level retail space.
Jamestown’s acquisition of 733 10th Avenue follows two other significant acquisitions in the Washington, D.C. market: the Georgetown Renaissance portfolio, acquired in fall 2010l; and the Madison Hotel and office complex, acquired in January 2011.
“Washington D.C.’s central business district continues to be a strong focus for Jamestown,” Michael Phillips, chief operating officer of Jamestown, said in a statement. “Our acquisition of 733 10th St. demonstrates an ongoing commitment to working with best-in-class developers, and acquiring innovative properties in dynamic urban markets.”
Centrally located five city blocks from the White House, the building is in close proximity to two Metro stations, retail stores, hotels and restaurants.
Building amenities at 733 10th St. include a fitness center with locker rooms, showers and towel service; a landscaped third-floor outdoor terrace; a tenant-only rooftop terrace with catering capabilities; a building security system with 24-hour access; concierge services; on-site property management; a secure underground parking garage; and iconic views of Washington, D.C., including the monuments, National Portrait Gallery and the Verizon Center.
“Washington, D.C. is an excellent market. We are pleased to have closed this transaction with Jamestown and look forward to delivering more high-quality, sustainable projects in the future,” Rob Ward, executive vice president of Skanska Commercial Development, said in a statement.
The sale of 733 10th St. was brokered by Eastdil Secured.