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Case Study

The Evening Star Building - Washington, DC

Case study highlights:

Jones Lang LaSalle adds value at the Evening Star Building
We reduced year-over-year electricity consumption by 26.18 percent in 2008 and by another 7.42 percent in 2009—and as of mid-2010 averaged another 5 percent reduction

Expanded and procured a long-term renewal for the largest tenant
Citicorp North America expanded and renewed at $64 per square foot, proving our ability to push rent even in a difficult leasing environment

Achieved $180 million sale price and met KanAm Grund’s closing deadline
During the final days of the sales process, we drove additional value for KanAm Grund by executing two leases that brought occupancy to 99 percent.

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In 2003, KanAm Grund and Resource America jointly purchased The Evening Star Building, a 225,500 s.f. Class A trophy historic office asset in Washington DC. They hired Jones Lang LaSalle to lease and manage the landmark property.

The building’s age and declining nature required our expertise, such as:

  • Increasing operational efficiency including reducing electric consumption by 26% in the first year, and additional YOY savings since
  • Cleaning and repairing the historic façade without disrupting tenants
  • Updating the amenity base
  • Converting the former restaurant space into a state-of-the-art fitness center

By 2010 and 99% occupancy we were hired to market the build for sale, securing some of the strongest debt terms on the market at the time. We surpassed pro-forma by nearly 10% and a bidding war ensued.

Through our global reach and unmatched knowledge of the asset, we achieved the superior sales price of $180 million and closed on the sale by July 1, 2010 to meet the client’s strict sales deadline.

After the sale, the new owners were so impressed with our accomplishments they retained us for leasing and management.

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