Los Angeles-based Saban Real Estate has purchased One Independence Square at 250 E St. SW for about $170 million, or roughly $508 a square foot.
The nine-story building totals 334,000 square feet and is 94 percent leased. Major tenants include the D.C. Department of Disability Services, the Social Security Administration, the Federal Mediation and Conciliation Service and the Corporation for National and Community Service.
Georgia-based Piedmont Office Realty Trust (NYSE: PDM) sold the building, which underwent a major renovation in 2013 and now features a rooftop terrace, modern fitness center, café and lobby.
This is Saban’s second recent purchase in the District. It acquired the 370,000-square-foot 425 Eye St. NW building for $140 million last September.
“Together with our existing assets, including the EPA headquarters building in Denver, we believe we own a unique, high-quality, national GSA portfolio that we look forward to continuing to upgrade and grow,” Bowen Hsu, managing…Read the full story from the Washington Business Journal.