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|
|Client:||Dweck Properties, Ltd.|
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.
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.