Exterior corner view of the 1000 F Street Building

MCRE acquires $106M DC Office Building

Real Estate Weekly,

A joint venture between MC Real Estate Partners (MCRE) and an international family office has acquired 1000 F Street in Washington D.C.’s East End submarket from Douglas Development in a transaction valued at approximately $106 million.

The deal marks the second D.C. area acquisition for the recently formed MCRE, whose founders Andy Nathan and Steve Grant have been active in the Washington market for the past 25 years.

The fully leased 95,000 s/f property was completed in 2017, incorporating a new, glass-lined, state-of-the-art office building into a two-story historic structure.

“MCRE is thrilled to have completed the acquisition of 1000 F Street, our second D.C. acquisition under our current platform. 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,” said Nathan, a managing principal of MCRE.

“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.”

MCRE is a vertically integrated real estate investment partnership founded in 2019 to focus on investment, development and asset management of office properties in the Washington, DC, New York and Boston metro markets.

With the addition of 1000 F Street, MCRE’s portfolio exceeds a million square feet in nine properties valued at approximately $600 million across those three markets.

“It has been a great pleasure to work with MCRE and their partner to complete this important transaction. Their team got it done in a professional and expeditious manner,” said Norman Jemal of Douglas Development. “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.”

Douglas Development was represented by the Washington D.C. office of Eastdil Secured.

Original Article