NEW YORK, March 25, 2011 /PRNewswire/ -- The Rockefeller Group (RGI), in a joint venture with Mitsubishi Estate New York (MENY), today announced the acquisition of 1101 K Street NW, a Class A office building located in the East End submarket of Washington, D.C., from a joint venture of JBG Companies and Rockwood Capital. The purchase price was not disclosed.
Situated between 11th and 12th Streets in one of the highest concentrations of Class A office space in the District of Columbia, the 10-story, 291,480 square foot multi-tenanted property is one block from the site of the City Center redevelopment project. The building was built in 2006 and is currently 80% leased.
"We are proud to enter the Washington market with the purchase of this outstanding asset," said Kevin R. Hackett, President and CEO of RGI. "This transaction is consistent with our company's long standing strategy of investing in high quality assets with long-term sustainable value." Mr. Hackett added, "On behalf of our shareholder and investors, The Rockefeller Group will continue to seek well located, premier office assets in constrained markets such as New York, Washington, D.C., and San Francisco which are experiencing strong economic recoveries."
Paul T. McDermott, head of acquisitions for RGI, who is headquartered in Washington, D.C. said, "This is an auspicious beginning for our office, which was only opened this past November. In pursuing this opportunity we were able to leverage the deep Washington, D.C. market knowledge we possess, as well as the significant resources available to us through RGI's New York headquarters." The Rockefeller Group's D.C. office is located at 1700 Pennsylvania Avenue, NW.
The acquisition is a joint venture with MENY. "Mitsubishi Estate New York is committed to investing in gateway markets throughout the US," said Masato Kawasaki, Executive Vice President of MENY. "1101 K is an excellent property to add to our portfolio and will strengthen our future growth."
The property at 1101 K Street features a two-story lobby, finished ceiling heights of 9 to 10 feet, and floor to ceiling windows. Building amenities include a rooftop deck, a fitness center, state-of-the-art building systems, underground parking and a restaurant, Brasserie Beck, on K Street. The building is seeking LEED Gold Existing Building certification. The property's 2010 Energy Star rating is 96, indicative of a well-designed, constructed and operated building.
Steven R. Bonacci, Executive Vice President, Asset Management of JBG Companies said, "The transaction team headed by Paul McDermott was a pleasure to work with – responsive, diligent and straight forward in their dealings with us. The property will continue to be in very good hands going forward."
The sellers were represented by a team from HFF consisting of: James A. Meisel, Andrew M. Weir, Dek Potts and Elizabeth Taylor Johnston. The purchasers represented themselves.
About The Rockefeller Group (RGI)
RGI is a private corporation dedicated to excellence in commercial real estate and investment management. Headquartered in New York City and owned by Mitsubishi Estate Co. Ltd., a world leader in commercial real estate, RGI was established in 1928 for the development of Rockefeller Center. The company is a renowned owner, developer, investment and asset manager of institutional grade urban and suburban office buildings, corporate headquarters, industrial distribution centers, business suites, and mixed-use complexes. In the United States, the company has offices in Arizona, California, Florida, Maryland, New Jersey and Washington, D.C. For more information visit www.rockefellergroup.com.
About Mitsubishi Estate New York (MENY)
MENY is a US investment arm of Mitsubishi Estate Co. Ltd, a comprehensive global real estate developer and investor whose consolidated businesses include building leasing, residential development and sales, and architecture, as well as real estate brokerage and hotels.. Since its establishment in 1972, MENY has invested in numerous real estate projects including the 777 Tower building in Los Angeles and the PacWest Center in Portland. In 2008 MENY purchased the premier office building One North Central in Phoenix.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development. JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area. Founded in 1960, in 2010 The JBG Companies marked half a century of business success and charitable involvement in the greater Washington community. More information can be found by visiting the company's Web site: www.JBG.com.
Holliday Fenoglio Fowler, LP ("HFF") and HFF Securities LP ("HFFS") are owned by HFF, Inc. (NYSE :HF ). HFF operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.
SOURCE The Rockefeller Group