JLL closes approximately $104.6M sale of 950 L’Enfant Plaza in Washington, D.C.
Iconic I.M. Pei-designed office building overlooking the Southwest Waterfront
WASHINGTON, D.C., September 23, 2019 – JLL announced today that it has closed the approximately $104.6 million sale of 950 L’Enfant Plaza, a 315,726-square-foot office building overlooking the Southwest Waterfront in Washington, D.C.
JLL marketed the property on behalf of the seller, Normandy Real Estate Partners.
Designed by world-renowned architect I.M. Pei, 950 L’Enfant Plaza is a nine-story office building that is currently 86% leased to four GSA tenants. The property is situated within the larger 2.5 million-square-foot L’Enfant Plaza mixed-use complex that is also home to the International Spy Museum, the Hilton Washington D.C. National Mall and more than 120,000 square feet of retail. As the southernmost building in the complex, 950 L’Enfant overlooks the Southwest Waterfront with unobstructed views of Hain’s Point, Ronald Reagan National Airport, National Landing and District Wharf, a transformative 3.2 million-square-foot development. Additionally, 950 L’Enfant Plaza has direct connectivity to the L’Enfant Plaza Metrorail Station, offering tenants access to five of the six Metrorail lines, and is just two blocks from the Virginia Railway Express Station, linking the property to the Virginia suburbs via two rail lines.
The JLL Capital Markets team representing the seller was led by Matt Nicholson, Jim Meisel, Andrew Weir, Stephen Conley, and Dave Baker.
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 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with a total of 120 employees with broad real estate experience in areas such as acquisitions, investment management, leasing, property management, construction/development and accounting.
Normandy’s management platform is focused on two complementary investment strategies: i) value-add: a series of closed-end, fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors; and ii) core-plus: a series of separately-managed accounts for domestic and foreign institutional investors. Normandy currently manages approximately $1.5 billion of equity capital, representing total asset value of $3.3 billion. For more information visit normandyrealty.com.