MetLife, in a joint venture with a U.S.-based institutional investor, purchased Constitution Center, a 1.4-million-sq.-ft. office building in Washington, D.C., from David Nassif Associates for a reported $744 million.
The 10-story building is considered to be the largest privately-owned office building in Washington. It recently underwent a $250 million renovation and features an auditorium, a conference center, a cafeteria, a fitness center and a central courtyard garden. Constitution Center also earned LEED Gold certification. The building is fully leased to major government agencies.
“We are pleased to acquire an asset of this quality, which is positioned to provide attractive returns over a long-term investment horizon,” said Robert Merck, global head of MetLife Real Estate Investors, in a statement. “This acquisition is the culmination of an intense effort by our Washington, D.C.-based team and demonstrates our ability to source some of the best core investments in the country.”
Clarion Partners LLC advised MetLife’s joint venture partner on the transaction. Eastdil Secured represented David Nassif.