After renovation
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