Boutique Washington, D.C. trophy office building trades for $95M
JLL Capital Markets led the sales efforts for 1099 New York Ave., a boutique trophy office asset located four blocks from the White House
WASHINGTON, D.C., Mar. 28, 2024 – JLL Capital Markets announced today that it has completed the $95 million sale of 1099 New York Avenue, NW, an iconic trophy office building located just four blocks from the White House in Washington, D.C.
JLL represented the seller and procured the buyer, a joint venture between affiliates of Quadrangle Development Corporation and FarmView Ventures.
1099 New York Ave. is a 180,878-square-foot, 11-story office building featuring floor-to-ceiling windows, 17,500-square-foot average floor plates and a below-grade parking garage. A planned fitness center and rooftop repositioning project will further enhance the property’s timeless appeal. The building is 95% leased to eight tenants with nine years of weighted average remaining lease term.
Located across from the luxury mixed-use CityCenterDC, 1099 New York Avenue sits within the most densely concentrated luxury amenity base in Washington, D.C., offering vibrant retail, high-end urban living and premium office space. The property is part of the East End submarket, just four blocks from the White House and convenient to a variety of public transportation options, including Metro access within a few blocks.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Andrew Weir, Jim Meisel and Matt Nicholson, Senior Director David Baker and Director Kevin Byrd.
"1099 New York Avenue offered a unique opportunity to invest in a trophy asset that is almost fully leased to a strong tenant mix in the nation’s capital,” Weir said. "In times of market uncertainty, investors prioritize assets with proven performance and an exceptional quality of real estate – both of which are exemplified in this property."
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.