455 Massachusetts Avenue, NW
Transaction Summary
| Source |
Off-market Transaction |
| Investment Date |
December 2004 |
| Property Description |
Office |
| Location |
Washington, DC |
| Property Size |
242,000 RSF |
Asset Attributes
|
- Acquired in December 2004
-
Premier location in Mount Vernon Triangle submarket, designated by city as one of Washington, DC’s new 24-hour neighborhoods
-
One of few major development parcels remaining with expansive Massachusetts Avenue frontage
-
Excellent visibility
-
Gateway to thriving East End and CBD submarkets on one side and Capitol Hill and Union Station on the other
- Close proximity to new convention center, nearby retail and other amenities as well as Metro access at Gallery Place and Union Station
|
| Value Creation Plan |
- Land Assemblage
- Assembled over 15 lots on nearly entire city block with land area of 63,061 square feet
- Highest and best use was determined to be combination of mixed-use residential and commercial
- Development
- Delivered free standing, Class A office building with light and air on all four sides and spectacular views along Massachusetts Avenue
- Exit Strategy
- Deliver the building on time and on budget, lease the building and sell to a core buyer
|
Results
|
- Asset delivered in January 2008, on time and on budget
- Market demand allowed Penzance to sell half the site to a residential developer at a price approximately equal to its total equity investment
- Currently 99% leased
|
