DC Midtown Center, Fannie Mae’s HQ, Recapitalized With Korean Investor
Carr Properties has recapitalized Midtown Center, an 868,834-square-foot, trophy office building in Washington, D.C.
JLL Capital Markets arranged the recapitalization, sourcing equity through a consortium of Korean investors led by IGIS Asset Management. The Korean consortium will now own a minority interest in the property. The amount was not disclosed.
“JLL is quite pleased to be able to source a long-term partner for Carr Properties in the midst of the pandemic,” Jim Meisel, a senior managing director with JLL, said in a release. “The iconic nature of the asset and the stellar tenancy was very appealing to investors and we believe the transaction provides a great boost to the investment sales market in Washington, D.C., overall.”
Located at 1100 15th Street NW in D.C.’s central business district, Midtown Center serves as the headquarters for Fannie Mae.
The LEED Gold-certified property is comprised of two 14-story towers connected through three skybridges that were built in 2018.
Midtown Center boasts an 8,000-square-foot fitness center; a 5,000-square-foot rooftop terrace; 1,000 square feet of shared rooftop conference space; and a landscaped, European-style public plaza. There’s also ground-floor retail with such tenants as Shoto and Akedo, Philotimo, Dauphine’s, Grazie Grazie and Blue Bottle Coffee.
The property is situated a few blocks from the White House and is close to more than 3,500 hotel rooms, numerous cultural attractions, and high-end restaurants and retail offerings.
Joining Meisel on the deal were JLL Capital Markets’ Senior Managing Director Andrew Weir, Managing Director Matt Nicholson and Director Dave Baker. Executive Managing Director Riaz Cassum and Managing Director Miyeon Lee of the firm’s international capital team were also involved in the deal.