Photo Courtesy: The JBG Companies
Norwegian, Canadian interests acquire 900 16th Street
The JBG Companies and ICG Properties LLC announce that a freshly minted trophy office building close to Washington’s Lafayette Park and the White House has been sold, netting its international buyers a property with a blue-chip tenant and a five-star restaurant.
With the purchase, 900 16th Street is now owned by Norges Bank Real Estate Management, a global real estate investor headquartered in Norway. Norges acquired a 49 percent interest, and Toronto-based Oxford Properties Group, the global real estate arm of the Ontario Municipal Employees Retirement System (OMERS), acquired the remaining 51 percent interest and will manage the property.
The acquisition was completed June 30, 2017.
The sellers of the property were The JBG Companies and ICG Properties LLC, a joint venture that developed the building. Delivered in April 2016, 900 16th Street is situated at the corner of 16th and Eye Streets, one of the most historic settings in Washington, D.C. In addition to the White House, within two blocks of the property is the Old Executive Office Building, the New Executive Office Building, Decatur House, St. John’s Episcopal Church, the Department of the Treasury, and the Hay Adams and St. Regis hotels.
900 16th includes 125,000 square feet of office and retail space, a dramatic roof terrace, a fitness center, tenant storage and three levels of below-grade parking. It is also home to the 12,000 square-foot sanctuary, reading room and administrative offices of First Church of Christ, Scientist, which has a separate, distinctive entrance. 900 16th has achieved LEED-Gold status.
Miller & Chevalier, one of the nation’s premier law firms, occupies about 70 percent of the building. Mirabelle, a contemporary – and well-reviewed – restaurant on the first floor, provides an inviting and sophisticated setting for dining and entertainment in the heart of the Washington’s busy business district. Diners at Mirabelle enjoy a celebration of American and French cuisines offering refined fare from James Beard Award-winning Executive Chef Frank Ruta and Pastry Chef Aggie Chin.
The iconic, nine-story building was designed by world-renowned Robert A.M. Stern Architects of New York, in conjunction with Cooper Carry Inc. as the architect of record. It offers tenants expansive window lines with views of the White House, the Washington Monument and other Washington landmarks.
The design is in keeping with the distinguished character of lower 16th Street, featuring a blend of classic and modern elements to reflect both the neighborhood’s historic past and continued revitalization in the nation’s capital. Incorporating the finest in materials, such as White Cherokee marble, Indiana limestone, and integrating bronze and bronze-finished aluminium accents, 900 16th Street meshes classic with contemporary design and blends seamlessly with the landmark properties that line 16th Street. It also includes extensive landscaping along 16th Street between Eye and K streets, and reestablishes the double row of trees that historically lined that walkway.
“This property evokes the best of Washington past while meeting contemporary standards,” said Britt Snider, a JBG Executive Vice President. “900 16th Street’s execution reflects our experience in creating premiere spaces within our nation’s capital.”The Sellers were represented in the transaction by John Duffy and Andrew Asbill of the Washington DC office of JLL.
About Norges Bank Real Estate Management
Norges Bank Real Estate Management is organized as a separate division within Norges Bank Investment Management and manages the fund’s unlisted real estate portfolio. The fund is invested in high-quality office and retail properties in selected cities around the world, and in logistics properties that are part of global distribution networks. The company’s mission is to safeguard and build financial wealth for future generations. The goal for the investments, therefore, is to generate a good long-term return with acceptable risk, responsibly and transparently. For more information www.nbim.no
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in the Washington, DC area. Since 1960, JBG has been active in the areas where it invests, striving to positively impact local communities. For more information, please visit JBG.com or find us on Twitter @TheJBGCompanies and Facebook at The JBG Companies.
About ICG Properties
ICG Properties is a real estate development firm devoted to identifying and unlocking value from complex urban investment opportunities. Founded in Washington, DC in 1995, ICG brings deep equity participation and a commitment to deliver high-quality projects that meaningfully contribute to the city's timeless yet evolving urban fabric. For more information on ICG, please visit www.icgproperties.com or contact dstern@icgproperties.com.
