Carr Properties, Barings Buy White House-Adjacent Office for $85M
The building’s previous ownership paid about $166 million in 2018
By Nick Trombola January 21, 2026 5:47 pm
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Roughly six months after its ownership shakeup, Carr Properties is back with a fresh Class A office acquisition in Washington, D.C. — and at a major discount to boot.
The D.C.-based firm, alongside partner Barings, paid $85 million for 1401 New York Avenue NW, a 211,000-square-foot office about one block away from the White House, according to District property records. Sellers BNP Paribas, a French multinational bank that acquired previous owner AXA last year, and Stewart Investment Partners acquired the building in 2018 via an economic interest deed for $166.2 million, records show.
Eastdil Secured brokers arranged the deal on behalf of the sellers. Tenants at the 1983-built property include law firms Boies Schiller Flexner, Vedder Price and Nossaman, and consultancy firm Capstone.
“1401 New York is a highly differentiated office asset in one of the most established locations in Washington, D.C.,” John Kolb, a Barings managing director, said in a statement. “Our existing partnership with Carr has demonstrated the value of their hands-on management approach and ability to successfully enhance office properties.”
Carr and Barings plan to renovate the building to be consistent with Carr’s trophy asset portfolio, according to the firms. Carr has recently divested from several properties in the District in order to focus on its higher-quality buildings, such as Midtown Center. Planned renovations at 1401 New York include an upgraded rooftop, a fitness center, conference facilities and lobby enhancements.
“The building’s premium quality, prominent visibility and proximity to the White House position it well to capture growing leasing demand for high-quality office space,” Oliver Carr, Carr Properties CEO, said in a statement. “Once we complete our planned building enhancements, we believe that 1401 New York will be positioned to capture outsized leasing demand as a premier D.C. building.”
Carr Properties experienced a flurry of changes in 2025.
In July, J.P. Morgan Asset Management exited its 36 percent stake in Carr in exchange for three properties debt free, which included 255 Union Street NE in D.C., 1875 K Street NW in D.C. and 1701 Duke Street in Alexandria, Va. Israeli investment firm Alony Hetz simultaneously made a $100 million equity investment in Carr to become its majority stakeholder. Meanwhile, Carr separately sold off two properties in the District and in Bethesda, Md., for a combined $119 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
