Normandy Unloads DC’s 950 L’Enfant Plaza in $105M Deal
Normandy Real Estate Partners has sold 950 L’Enfant Plaza, a 315,726-square-foot office building in Washington, D.C. to Boyd Waterson Asset Management for $104.6 million, according to JLL who represented the seller in the transaction.
The deal comes about 15 months after Normandy took title to the property on the heels of a distressed CMBS workout, as Commercial Observer reported. Normandy had acquired the defaulted loan, a roughly $90 million note in MSC 2007-HQ11, in March 2018 with the CMBS trust recording $80.4 million of proceeds on liquidation. Normandy foreclosed on the asset about three months later using a credit bid.
Earlier this year, Normandy received a $68 million loan from Citizens Bank to refinance the property, as reported.
Originally built in 1967, the nine-story building was designed by noted architect I.M. Pei and overlooks D.C.’s Southwest Waterfront. It is currently 86 percent occupied, with a tenant roster that includes the Federal Aviation Administration and the Department of Homeland Security.
The property is located within the larger 2.5 million-square-foot L’Enfant Plaza mixed-use complex, which also houses the International Spy Museum, the Hilton Washington D.C. National Mall and more than 120,000 square feet of retail.
The JLL Capital Markets team representing the seller was led by Matt Nicholson, Jim Meisel, Andrew Weir, Stephen Conley, and Dave Baker.