Blackstone Sells DC Office With White House Views for $231M
By Christina sturdivant-Sani September 4, 2019 9:54 am
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New York City-based investment firm Blackstone Group has sold an office building located near the White House at 815 Connecticut Avenue NW in Washington, D.C., to Ponte Gadea for $231 million.
Ponte Gadea is an investment firm controlled by Spanish billionaire Amancio Ortega, according to Bisnow, which first reported the acquisition. Ortega is also the founder of fashion retailer Inditex which operates stores such as Zara, Pull&Bear and Massimo Dutti.
Bill Collins of Cushman & Wakefield (CWK), who represented the seller in the transaction, told Commercial Observer that the 12-story, 216,000-square-foot office building is “one of the best-located properties” in the city.
“[The property] is unique in that it is a corner building on the most highly desirable park in the city, Farragut Park, and also has direct views of the White House over Lafayette Park,” Collins said. “It’s truly exceptional in terms of attracting tenants as well as global investment interest.”
Blackstone purchased the property, which is anchored by law firm Baker McKenzie, from Alecta Real Estate Investment for $190 million in 2016, according to Bisnow.
It’s unclear if Ponte Gadea was represented by a broker in the transaction.
