MALVERN, Pa., May 23, 2013 /PRNewswire/ -- Liberty Property Trust today announced that it has purchased 2100 M Street NW, a 290,762 square foot, eight-story office building in Washington, D.C., for $133.5 million.
"We have been seeking well-located acquisitions in DC's core submarkets where we can apply our leasing, property management and development capabilities," said Liberty Property Trust Vice President Ben O'Neil. "Our existing downtown properties are 99% occupied and the acquisition of 2100 M Street NW provides us with an infusion of leasable space, in addition to future redevelopment and expansion possibilities."
Currently 77% occupied with 66,366 square feet available for lease, the property is ideally located in an A location, surrounded by a strong amenity base with dining, convenience retail and hotels all within a three-block radius. Situated at the prominent intersection of M Street NW and 21st Street NW, the building is four blocks from both the Red and Orange/Blue Metro rail lines and also provides excellent access to residential communities north and west of the downtown district.
Current office tenants include The Urban Institute, George Washington University, Stewart & Stewart, GSA-SSA, and retail tenants including The UPS Store and M Street Store.
"It is very exciting that this transaction also includes the conveyance of 105,000 square feet of transferable development rights. The site's zoning would permit a potential future redevelopment of the building to a maximum of 415,000 square feet," added O'Neil.
The Class B+ multi-tenant property was developed in 1969 and was renovated from 2007-2010. The property has earned ENERGY STAR® certification, confirming its ability to deliver energy cost savings of an average of 30%, savings that are passed directly to the tenants.
About Liberty Property Trust
Liberty Property Trust (NYSE:LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 81 million square foot portfolio includes 666 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants. Liberty's Washington portfolio totals 890,000 square feet and includes 1100 17th St. NW, The Liberty Building at 1129 20th St. NW and 1425 New York Avenue. For more information visit www.libertyproperty.com.
SOURCE Liberty Property Trust