America's Square

Property Sale

America’s Square - 51 Louisiana Avenue & 300 New Jersey Avenue, NW, Washington, DC
Property Type: Trophy Office
Property Size: 461,000 SF
Deal Type: Property Sale
Deal Size:
Sale Price:
Confidential
Client: Dweck Properties, Ltd.
Purchaser: Jamestown

Asset Overview

51 Louisiana Avenue and 300 New Jersey Avenue are two signature ultra-trophy office buildings totaling 461,000 square feet, and providing commanding unobstructed views of the Capitol dome. 51 Louisiana Avenue is an historic building originally constructed in 1935 featuring a beautiful and classic limestone façade, a dramatic 2-story marble lobby, and finished ceiling heights of 11’11”. 300 New Jersey Avenue, built in 2009, is a bold and innovative building that was designed by internationally acclaimed architect Lord Richard Rogers, and is connected to 51 Louisiana Avenue via a dramatic glass atrium. At the time of sale, the Buildings were 97% leased, primarily to the international law firm of Jones Day (71%) through March 2024.

Transaction Overview

Sage Capital Advisors was retained by Dweck Properties Ltd. to market the Buildings for sale, resulting in nearly 50 property tours, multiple offers, and a record price per square foot for an office property in Washington, DC. Sage Cap was able to secure a signed contract within four days of awarding the deal, as well as a substantial “firm” deposit. Sage Cap was able to effectively manage through the normal issues that arise during the due diligence process with respect to a large, complex, trophy asset.

4040 Wilson Boulevard

Joint Venture Equity - New Construction

4040 Wilson Boulevard - Arlington, VA
Property Type: Office Development
Property Size: 426,000 SF
Deal Type: Joint Venture
Deal Size: Project Capitalization:
Equity Placement (50%):
$194,000,000
$33,900,000
Client: The Shooshan Company
Partner: Brandywine Realty Trust

Asset Overview

4040 Wilson Boulevard is a to-be-developed 426,000 square foot trophy office tower located in the heart of the Ballston submarket in Arlington, Virginia. This fully entitled 20-story tower, which will be the tallest building in Ballston, will offer panoramic views of the Washington, DC metro area. The final phase of the 8 building Liberty Center mixed-use complex, this LEED Gold building is adjacent to the DARPA headquarters, ½ block from the headquarters of the Office of Naval Research and 2 blocks from the Ballston Metro Station.

Transaction Overview

Sage Capital Advisors was retained by an affiliate of The Shooshan Company to arrange joint venture equity for the construction of 4040 Wilson Boulevard. After conducting a full marketing process, resulting in multiple offers, Sage Cap arranged a $33.9 million (50%) equity investment from Brandywine Realty Trust, whose interest in being long-term holders of the property lined up perfectly with The Shooshan Company. Shooshan and Brandywine share equal rights on all major decisions. Shooshan will oversee the development and management of the property.

800 K & 801 Eye Streets, Washington, DC

Property Sale

800 K & 801 Eye Streets - Washington, DC
Property Type: Office
Property Size: 758,000 SF
Deal Type: Property Sale
Deal Size: Sale Price: $325,000,000
Seller: The JBG Companies
Purchaser: The Meridian Group

Asset Overview

800 K Street & 801 Eye Street are two adjoining Energy Star rated 12-story office towers totaling 758,000 square feet and located in the core of Washington, DC’s East End. The buildings are located directly across 9th Street from the $950 million mixed-use CityCenter DC development, and within 3 blocks of all 5 Metro lines. At the time of sale, the buildings were 82% leased to a mix of government and private sector tenants at below market rents.

Transaction Overview

Sage Capital Advisors was retained by The JBG Companies to market the buildings for sale, resulting in more than 40 property tours and multiple offers. Sage Cap was able to secure a substantial "firm" deposit, and effectively managed through the normal issues that arise during the due diligence process with respect to a large, complex, mixed-use asset.

900 16th Street, Washington, DC

Construction Financing

900 16th Street - Washington, DC
Property Type: Office Development
Property Size: 121,000 SF
Deal Type: Construction Financing
Deal Size: Project Capitalization:
Loan Amount:
$103,170,000
$73,000,000
Client: The JBG Companies / ICG Properties

Asset Overview

900 16th Street is a 121,000 square foot trophy office building, currently under construction, and located just one block from the White House. The building is 69% pre-leased to the prominent law firm of Miller & Chevalier. This LEED Gold building was designed by the architectural firm of Roberts A. M. Stern will be among the highest quality buildings ever developed in Washington, D.C.

Transaction Overview

Sage Capital Advisors was retained by The JBG Companies/ICG Properties to arrange 70% loan-to-cost construction financing for 900 16th Street. After conducting a broad marketing process, Sage Cap arranged the loan with a portion of the equity funding deferred which enhanced the equity returns, and brought together the 2 most competitive lenders (Bank of America and Regions Bank), which eliminated the syndication risk.

675 N. Randolph Street - DARPA Headquarter

Joint Venture Recapitalization

675 N. Randolph Street
Property Type: Existing Office
Property Size: 352,740 SF
Deal Type: Recapitalization, Joint Venture
Deal Size: Valuation:
Equity Placement:
$186,500,000
$43,700,000
Client: The Shooshan Company
Partner: JP Morgan Investment Management

Asset Overview

675 N. Randolph Street is a 352,740 square foot state-of-the-art class A LEED Gold office building located in the Ballston submarket of Arlington, Virginia. 100% long-term leased to the GSA, the building is home to the headquarters of the Defense Advanced Research Projects Agency (DARPA) and is the most secure GSA building in an urban setting in the greater Washington region. 675 N. Randolph achieved LEED Gold Core and LEED Platinum Interiors designations, and is the only GSA leased-facilty in the country to boast the latter achievement.

Transaction Overview

Sage Capital Advisors was retained by an affiliate of The Shooshan Company to arrange joint venture equity for the recapitalization of 675 N. Randolph Street. After conducting a full marketing process, resulting in multiple offers, Sage Cap arranged a $43.7 million (49%) equity investment from JP Morgan Investment Management. Shooshan and JP Morgan share equal rights on all major decisions and Shooshan will continue to manage the property.