Normandy Partners Picks Up L’Enfant Plaza Office Building
Normandy Real Estate Partners has purchased 950 L’Enfant Plaza SW in Washington D.C., the firm announced in a press release this week.
Normandy acquired the title to the 280,000-square-foot office building in a foreclosure auction bid for $39.5 million, sources told Commercial Observer. The firm declined to disclose how much it paid for the defaulted loan on the property.
950 L’Enfant Plaza is 88 percent leased and only has 32,000 square feet up for grabs, per the release. The building is directly connected to the L’Enfant Plaza Metro station as well as the subterranean L’Enfant Plaza mall with stores and restaurants.
The I.M. Pei-designed structure was built in 1967 as part of the four-building L’Enfant Plaza complex, which is situated around a long pedestrian esplanade. The classic Brutalist development was named for Pierre Charles L’Enfant, the French military engineer who planned D.C.’s original street grid in 1791.
“We are thrilled to acquire this iconic building, which offers a compelling value proposition to prospective tenants with direct connectivity to L’Enfant Plaza Metro station, unobstructed views to the south, and close proximity to the Wharf,” said Patrick Keeley, one of the firm’s principals, in prepared remarks. “This investment adds to Normandy’s growing portfolio in the D.C. Metro market, where in the last four years, we’ve purchased approximately 2.5 million square feet of office properties, which include the National Press Building, 1015 18th Street NW and 950 L’Enfant Plaza.”