Commonwealth Partners has bought Hamilton Square, a landmark trophy office building located one block from the White House and Treasury Department, from Shorenstein Properties LLC for $198 million. Eastdil Secured brokered the sale of Hamilton Square.
Designed by award-winning architects Skidmore, Owings and Merrill, the nine-story building at 600 14th Street NW is one of Washington, D.C.’s preeminent buildings. Tenants include IBM, Pepper Hamilton, Managed Funds Association, and Capital One. It is also home to the Hamilton Restaurant, Washington, D.C.’s marquee venue for food and music.
“This landmark attracted considerable interest from domestic and off-shore investors,” John Kevill, managing director of Eastdil Secured, said in a statement. “With an ideal location, historic significance, and the best in modern amenities, it is one of Washington, D.C.’s most prominent addresses.”
The 248,495-sq.-ft. building is a product of the complete redevelopment of the Garfinckel’s Department Store in 1999. Designers retained the building’s original façade and ceiling heights, then added all modern finishes, including: finished ceiling heights in excess of 10 feet on floors one through seven; historic art deco limestone façade with bronze-alloy windows and dramatic lobby entrance; exquisite marble and wood finishes in the lobby, with newly renovated spa-quality locker rooms in the fitness center; green rooftop deck for tenant events that possesses views of the Washington Monument, Lincoln Memorial, Treasury Building and National Mall; extensive column-free space on western portion of each floor, offering tenants the ability to easily configure extra-large conference facilities or board rooms with no obstructions.
“As an iconic building in a prime D.C. location, Hamilton Square will bring superior long-term, risk-adjusted returns for years to come,” Eastdil Secured Managing Director Collins Ege said in a statement. “It would be the crown jewel of any portfolio and makes the perfect first purchase in D.C. for Commonwealth.”
Along with Kevill and Ege, Eastdil Secured Managing Director Nick Pappas and Vice President Sean McDermott helped arrange the sale of Hamilton Square.