Our office is located at 700 11th St. NW, adjacent to the Metro Center subway station entrance.
Hines has reached an agreement with its lender to sell a downtown DC office building it has owned for more than a quarter of a century, after its primary tenant departs for a new waterfront development.
Houston-based real estate giant and its partner, Dallas-based Salofim Realty Advisorsenter into a contract in lieu of foreclosure with the lender, allianz real estate700 11th St. NW Real Estate Alert office building report Tuesday.
A Hines spokeswoman declined to comment. Allianz Salofim did not immediately respond to a request for comment.
Hines has owned the property since 1994, when it was acquired by another partner from Wells Fargo for $60 million. The bank acquired it for $48 million at a foreclosure auction in 1992, after Oliver Carr & Co. had completed it the previous year with a price tag of $100 million. The Washington Post reported in 1994.
Allianz is now selling the building at a discount of $281 per SF, or about $90 million, and is pitching the property as an office-to-residential conversion opportunity.
In addition to office space, the building also has ground floor retail and 324 underground parking spaces. Secure Eastdill I am selling the property.
Hines move to return property comes as DC office market struggle That’s because office vacancy rates are at record highs and demand has been sluggish since the pandemic began.Owners of old office buildings in Chicago and New York gave me back the key to the lender of the year.
11th Avenue listing joins another listing east end An office building marketed by a lender as an office-to-residential conversion.
The $155 million loan on this property at 450 Fifth St. NW is expected to mature at the end of the year. DOJMore announced early this year move out of property owned by an affiliate of Clark Enterprise2025.
Loans are expected to be sold at a discounted price as commodity-grade offices will then close, according to Real Estate Alert.