A large office building on Pennsylvania Avenue NW across from the Trump International Hotel has sold to a local real estate investment management firm for a big number.
PRP LLC and partner GMF Capital are the new owners of 1111 Pennsylvania Ave. NW, also known as the Presidential Building. Bisnow reported the price as $338 million, making it one of the biggest deals of 2018.
The 331,000-square-foot building, home to the D.C. offices of Morgan Lewis & Bockius LLP through at least 2032, last sold in 2010 to Invesco Real Estate, on behalf of an institutional client, for $220 million. The building was originally constructed in 1967, redeveloped in 2001 and renovated in 2017, according to a PRP release.
It’s been a big year for PRP in terms of acquisitions. In July, it bought the three-building Sequoia Plaza office complex in Arlington from Foulger-Pratt for $152 million. In late January, it bought 4900 Seminary Road and 4825 Mark Center Drive, both in Alexandria, from CIII for $40 million,…Read the full story from the Washington Business Journal.