WASHINGTON DC – An international family office and MC Real Estate Partners have acquired a 95,000-square-foot office asset in Washington DC’s East End submarket for $106 million.
The joint-venture partners purchased the property from Douglas Development.
The fully-leased property, 1000 F St., was redeveloped by Douglas Development into a state-of-the-art office building in 2017.
The transaction represents the second Washington DC area acquisition for MCRE, which was founded in 2019.
Upon the recent acquisition, the vertically-integrated real estate investment partnership’s portfolio now exceeds one million square feet across nine properties throughout the Washington DC, New York and Boston markets, and is valued at $600 million.
“MCRE is thrilled to have completed the acquisition of 1000 F Street, our second DC acquisition under our current platform,” states Andy Nathan, co-founder and managing principal of MCRE. “The purchase of this fully-leased trophy-level property is wholly consistent with our mission of pursuing acquisitions that best match the capital requirements of our partners across economic cycles. Douglas Development did an outstanding job with 1000 F. The property has all a tenant could ask for – dramatic ceiling heights, boutique floor plates, private terraces on five floors and terrific access to mass transit and area amenities. This is simply an outstanding long-term investment.”
“It has been a great pleasure to work with MCRE and their partner to complete this important transaction,” says Norman Jemal of Douglas Development. “Their team got it done in a professional and expeditious manner. We are proud of what we accomplished with 1000 F Street – the roster of tenants speaks to the spectacular quality and location. We are confident the new ownership team will be a great long-term steward for the property.”
Eastdil Secured’s Washington DC office represented Douglas Development in the transaction.