440 1st Street, NW

1st Street
After renovation

 

 

1st Street
At acquisition

440 1st Street, NW

WASHINGTON, DC | 138,600 sq. ft.

*purchased while senior management team at First Potomac Realty Trust
 

Property Overview

  • Located on Capitol Hill in Washington D.C. Close proximity to Union Station and Judiciary Square Metro station
  • Freestanding Class A Office Building
  • 138,600 SF / 10-story building (expanded from eight stories)
  • Installation of a state-of-the-art Dedicated Outdoor Air System (DOAS)
  • Rooftop terrace, conference facility, and fitness center for tenant-use only
  • LEED Platinum certified

 

Acquisition Details

  • Acquired the leasehold interest in December 2010 for $15.3M ($110psf) in an off market transaction
  • Subsequently acquired the fee interest in an off market transaction in January 2011 for $8M ($73psf)
  • Building had been vacant for four years at acquisition

 

Execution

  • Complete renovation included addition of 2 floors, a new façade, mechanical system, interior spaces, and green roof deck
  • Currently 98% occupied
  • ~$70 M ($507psf) total investment