Northern California investor buys first D.C. office building, and plans for more

A Northern California commercial real estate investor with an eye for tech-centric communities has made its first buy in D.C. — a building that is fully leased, largely to a traditional law firm.

An affiliate of Menlo Equities on Wednesday closed on its $167 million acquisition of 2550 M St. NW, the home of Squire Patton Boggs. An affiliate of Mirae Asset Global Investments, which bought the building in February 2014 for $156 million, was the seller.

In 2013, a struggling Patton Boggs extended its 206,000-square-foot lease at 2550 M for another two decades. A year later, it merged with firm Squire Sanders — saving itself and giving a big boost to Mirae.

Menlo Equities has been around for about 25 years, with investments that run from Silicon Valley and Los Angeles to Seattle, Austin, Raleigh-Durham, Portland and Phoenix. Its mission, per its website, to invest in “high-quality commercial real estate in the most vibrant technology-driven, innovation-hub markets in the United States.”


Read the full story from the Washington Business Journal.