Artemis Real Estate Picks Up DC’s Metropolitan Square in $305M Deal
By Keith Loria October 3, 2023 5:25 pm
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Artemis Real Estate Partners has paid $305 million to acquire Metropolitan Square, a 654,000-square-foot building in Washington, D.C., according to papers filed with the D.C. Recorder of Deeds.
Located at 655 15th Street NW, the 12-story Metropolitan Square overlooks The White House, the U.S. Treasury Department, and the National Mall.
The seller was a joint venture between Blackstone (BX) Partners and Boston Properties (BXP). Boston Properties originally acquired the property in 1998 and sold an 80 percent interest to Blackstone in 2016.
The property is the fourth-largest Class A office building in the District, and rents are currently averaging $79 per square foot, according to the Washington Business Journal, which first reported the sale.
Built in 1983, the building underwent $60 million of renovations in 2020, which included new common areas and private event spaces, plus a rooftop terrace. It also features an interior atrium and a three-level underground parking garage with approximately 460 spaces.
Tenants in the building include Old Ebbitt Grill, Boston Consulting Group, and the National 4-H Council, which signed a 15,000-square-foot lease last October.
The Chevy Chase, Md.-based Artemis closed a $2.2 billion fund this summer with plans to invest in real estate across the U.S.
Artemis Co-President Anar Chudgar told Commercial Observer that Fund IV exceeded the firm’s most recent equity fundraising round, Fund III, by more than $1 billion.
“We’re extremely well positioned to capitalize on market volatility but, more importantly, leverage our firm’s 13-plus-year track record and national operating partner network and relationships to invest in a diverse set of investments across the capital stack and across property types,” she told CO in June. “We will not invest in asset classes where we do not have confidence and true visibility and revenue streams.”
Keith Loria can be reached at Kloria@commercialobserver.com.
