Carr Properties Announces the Sale of Georgetown Plaza and the Acquisition of 2001 Pennsylvania Avenue

2001 Pennsylvania Avenue, NW (Photo: Business Wire)

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WASHINGTON--()--Carr Properties announced that it sold Georgetown Plaza at 2233 Wisconsin Avenue, NW, a 150,097-square foot, five-story office building, to an affiliate of JOSS Realty Partners. The sale price for the property, which is subject to a long-term ground lease, was $26,850,000. Cushman & Wakefield’s Eric Berkman and Steve Gichner served as Carr Properties’ exclusive representatives.

Carr Properties also announced the acquisition of 2001 Pennsylvania Avenue, NW, a 100% leased, 154,248-square foot, 11-story Class A office property in the Central Business District of Washington, DC. The purchase price for the property was $107,750,000. The acquisition was financed with a $65 million, 10-year loan from Metropolitan Life Insurance Company and the company’s cash on hand.

Developed in 1990 and designed by Skidmore, Owings & Merrill, 2001 Pennsylvania Avenue, also known at the James Monroe Building, is ideally situated on a prominent corner within four blocks of three major Metrorail lines. The property is surrounded by a number of amenities, including major retail complexes (2000 and 2200 Pennsylvania Avenue) and upscale hotels (Ritz-Carlton, the Hay Adams, the Mayflower Hotel, Park Hyatt and Fairmont). Private terraces on the top floor of the building offer spectacular views of the monuments and the Potomac River.

“The sale of 2233 Wisconsin Avenue and the acquisition of 2001 Pennsylvania Avenue are part of our strategy to upgrade the quality of our portfolio by focusing on high-quality assets in Metro-accessible, amenity-rich submarkets,” said Oliver Carr, III, Carr Properties’ CEO.

About Carr Properties

Carr Properties is a privately held real estate investment trust focused on creating value for its shareholders through the ownership, acquisition and development of high-quality office properties in the greater Washington area. The company owns approximately $1.5 billion of commercial office properties, including twenty-two existing office properties comprising over 4 million square feet and four major development properties - the Washington Post Site in Washington, DC; 2311 Wilson Boulevard in Arlington, Virginia; 2025 Clarendon Boulevard in Arlington, Virginia; and 4500 East West Highway in Bethesda, Maryland. Upon completion, these projects will add an additional 1.5 million square feet of trophy-quality office space to the company’s portfolio. The company is continuing to expand its portfolio through strategic investments in the Washington area.

Contacts

Carr Properties
Dominique Daschle, 202-303-3069

Release Summary

Carr Properties Announces Sale of 2233 Wisconsin Avenue and Acquisition of 2001 Pennsylvania Avenue, NW

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Contacts

Carr Properties
Dominique Daschle, 202-303-3069