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News release


JLL Completes Largest Trophy Sale in Washington’s CBD

New York’s Somerset Partners trades 1801 K Street to Korea’s Mirae Asset Global Investments for $445M

​WASHINGTON, D.C., JANUARY 28, 2015 – In a trade that sets the benchmark as one of the largest disposition prices ever achieved in the greater Washington, D.C. office market, JLL’s Capital Markets experts today announced the firm has closed the sale of 1801 K Street on behalf of its client, New York-based Somerset Partners. Mirae Asset Global Investments, a South Korea-based investor, acquired the 569,800-square-foot trophy asset for $445 million, or approximately $781 per square foot. In addition, the firm secured $267 million in financing for the building on behalf of the new owner Mirae Asset Global Investments, a South Korea-based investor. MetLife provided the five year, fixed rate loan

Senior Managing Director Bill Prutting, Executive Vice President Jim Molloy, and Vice President Jason DeWitt led the JLL team that represented Somerset Partners on the sale. Executive Vice President Jon Goldstein, Managing Director Wes Boatwright and Executive Vice President Mike Yavinsky led the team on the financing transaction.​​​

Somerset Partners’ Gregory Knoop, with whom JLL collaborated on the sale, will continue to stay on as the building's asset manager. Knoop indicated that the New York-based firm Somerset is looking to expand that role with other assets in the District and elsewhere.

“Somerset looks forward to its continued involvement in 1801 K Street through our newly formed venture with Mirae and has appreciated the multi-disciplinary support from JLL throughout the redevelopment and sale of the asset,” said Keith Rubenstein, founder and President of Somerset Partners.

Mirae Asset Global Investments holds a pre-eminent position in Korea’s real estate fund market. Its U.S. holdings include 2550 M Street, NW, Washington, DC, the headquarters for the international law firm Squire Patton Boggs and 225 West Wacker, a flagship tower in Chicago’s Central Business District. The JLL team introduced the 1801 K Street asset to the fund's real estate investment professionals directly in Seoul via a private placement marketing campaign, which took the team to Korea, Hong Kong, China, and Japan.

"Given the stature of 1801 K, we strategically targeted potential investors in Europe and Asia," said Prutting. "Foreign investors are still very focused on acquiring the best-quality assets with the most creditworthy tenants throughout the United States; 1801 K Street represents the highest quality Washington, D.C. has to offer."

Located just blocks from the White House, 1801 K underwent a $100 million redevelopment by Somerset Partners in 2009, which left no part of the building untouched. Led by Skidmore, Owings, and Merrill, the renovation included new lobbies at both the K and L Street entrances, as well as an impressive 200-linear-foot commissioned light sculpture by Leo Villareal.  Additionally, the exterior received a new facade boasting an energy-efficient, all-glass curtain wall, which earned 1801 K Street the coveted LEED Gold designation. Collaboration between Somerset Partners and JLL enabled this redevelopment to be carefully orchestrated with tenants remaining in occupancy.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory, or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Somerset Partners
Somerset Partners is a premier, private investment firm with commercial and multi-family property investments throughout the United States. Somerset Partners seeks to identify the most profitable, high-quality investments in their chosen assets classes and markets for their investors. Their conservative investment philosophy, disciplined investment process, and dedication to timely divestiture have generated exceptional returns. Since 2000, the firm has completed approximately $2.0 billion of acquisitions in 30 separate transactions generating a gross IRR in excess of 20% for those assets that have been sold to date.