Joint venture purchases 1313 L Street NW in Washington, D.C.
WASHINGTON, D.C., February 21, 2020 – JLL Capital Markets announced today that it has closed the sale of 1313 L Street, an 84,040-square-foot office building positioned in the East End submarket of Washington, D.C. The site is entitled for 180,000 square feet of density.
National Association for the Education of Young Children (NAEYC) selected JLL to represent it in the sale of its headquarters building. Additionally, JLL procured the buyer, a joint venture between Lincoln Property Company and Cadillac Fairview, who will redevelop the site into a Class A apartment project.
1313 L Street has an irreplaceable location in the heart of Washington, D.C.’s live-work-play environment situated just minutes from Midtown Center, the 14th Street Corridor, Logan Circle, Dupont Circle and Shaw. Additionally, the property is walkable to all six Metrorail lines and has excellent multi-modal access to major commuter thoroughfares, including Vermont Avenue, K Street, Massachusetts Avenue and Interstates 66, 395 and 695. 1313 L Street was originally built in 1984 and has served as the NAEYC headquarters since 2006.
The JLL Capital Markets team representing the seller included Dek Potts, Susan Carras, Walter Coker and Brian Crivella. NAEYC engaged Rich Lane and Eric West of West, Lane & Schlager (WLS) to represent them in its overall real estate matters. WLS is advising NAEYC on its relocation to a new headquarters.
Lincoln Property Company’s residential division and Cadillac Fairview recently announced a long-term strategic partnership, followed by the closing of a U.S. multifamily fund with $800 million in equity commitments from Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario.
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.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
NAEYC is the premier professional membership organization; committed to improving the early childhood education profession, and transforming the lives of young children, worldwide. NAEYC advocates for thousands of early childhood professionals who care for, educate, support and work on behalf of children, birth through age 8. Learn how to get involved with NAEYC at NAEYC.org/membership.
About Lincoln Property Company
Lincoln Property Company was founded in 1965, by Mack Pogue, as a builder and operator of high-quality residential communities. Headquartered in Dallas, Texas, Lincoln focuses on real estate investment, construction and development, in addition to property management. Their national reputation has enabled Lincoln to attract a large client base of owners and investors who count on their ability to deliver quality results and continually serve as a market leader. Lincoln is currently the second largest multifamily manager in the United States with over 200,000 units under management and the fifth largest multifamily developer.
About Cadillac Fairview
A mainstay in Vancouver for more than 45 years, Cadillac Fairview is the largest commercial property owner in Vancouver with more than four million square feet of retail and office space. For more information, please visit cadillacfairview.com.