Boutique Washington, D.C. office building sold for $58.5M
JLL Capital Markets closed the leasehold sale of the 10-story downtown building
WASHINGTON, D.C., Jan. 6, 2021 – JLL Capital Markets announced today that it has closed the $58.5 million leasehold sale of 1717 Rhode Island, a 157,050-square-foot boutique office building in the heart of downtown Washington, D.C.
JLL marketed the property on behalf of the seller, BentallGreenOak. Tritower Financial Group purchased the asset.
1717 Rhode Island provides a first-class amenity package that includes private terraces on the upper floors, a fitness center, two-story lobby and a three-level parking garage. The property is 86 percent leased with 7.3 years of WALT to six tenants, including Uber, which uses the property as its East Coast hub; Steve Case’s Revolution; and The Case Foundation.
1717 Rhode Island is situated on nearly half an acre adjacent to the historic Cathedral of St. Matthew the Apostle at the confluence of Rhode Island Avenue, Connecticut Avenue and M Street. This live-work-play area is proximate to three Metrorail stations and the sought-after housing and amenities of both Dupont and Logan Circles.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker.
“Tritower is thrilled to acquire this unique asset as its first investment within the District” said Tod Brainard, Chief Investment Officer at Tritower. “We thank BGO for its extraordinary cooperation in selling the property during this global pandemic. We plan to position the asset as the leading tech-oriented destination within the vibrant DuPont Circle market and will seek improvements including a reimagined lobby and expanded fitness center.”
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 investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $50 billion USD of assets under management (as of September 30, 2020) and expertise in the asset management of office, retail, industrial and multi-residential property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.
For more information, please visit bentallgreenoak.com.
About Tritower Financial Group
Tritower Financial Group, LLC (“TFG”) is a private real estate investment and management firm that sources, sponsors and operates single-asset real estate investments in Boston, Denver and Washington, D.C. Since 2015, TFG has acquired 21 transactions valued over $1 billion. Within Metro Washington, TFG has eight buildings valued over $400 million, including: One Fair Oaks (Fairfax, VA), Independence Center I & II (Westfields West), 5635 Fishers Lane (North Bethesda), One Global View (Herndon), One Station Ridge (BWI). TFG has successfully established a broad investor base that includes thousands of high net worth investors. Please visit tritowerfinancial.com for more information on TFG.