SBP Closes Leasehold Sale of DC's Carroll Square for $121.4M

9/4/12


Seaton Benkowski & Partners (SBP) has closed on the leasehold sale of Carroll Square, a 178,000-square-foot, Class A office property in the East End submarket of Washington, D.C., for $121.4 million.

Akridge was SBP's partner in the development, leasing and management of Carroll Square. GLL Partners purchased the asset and assumed an existing loan on the property.

HFF marketed the property on behalf of the seller. The HFF team representing the seller was led by executive managing director Stephen Conley and senior managing directors Jim Meisel, Dek Potts and Andrew Weir. Additional support was provided by real estate analysts Matt Nicholson and Jessica Dickinson.

Carroll Square is a 10-story building comprised of both new construction and seven late 19th century commercial townhomes. Its features include a small public art gallery, three rooftop terraces and a "pocket park" between the office building and St. Patrick's Catholic Church to the north.

The property is encumbered by a ground lease with the Archdiocese of Washington, D.C. through 2102 and is fully leased to tenants including the law firms of Seyfarth Shaw, Holland & Hart, and Fitzpatrick, Cella, Harper & Scinto.

Retail tenants include Le Pain Quotidien, Leica Camera and Coco Sala.

Located at 975 F Street, NW, Carroll Square is close to Gallery Place, the Verizon Center and the New Convention Center, and is within walking distance of five different Metro lines.

Seaton Benkowski & Partners ("SBP") is a boutique real estate advisory firm that invests in the Washington, D.C., area on behalf of large dollar trusts and endowments. SBP invests both directly and in joint venture with operating partners.

GLL Real Estate Partners is an institutional real estate investment advisor headquartered in Munich, Germany. GLL has invested over $2 billion in core commercial properties in major U.S. markets. GLL's U.S. offices are located in Orlando and San Francisco with 25 professionals overseeing transactions, asset management and accounting. 

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