Falcon Makes Strategic Acquisition in Washington, DC
Falcon Real Estate Investment Company, LP is pleased to announce that it acted as real estate investment advisor for the purchase of 1225 New York Avenue in Washington, D.C. This property was purchased at a price of $33.1 million, and mortgage financing was provided by Prudential Insurance.
1225 New York Avenue was built in 1993 as the second phase of 1201 New York Avenue, and is, in fact, an integral part of 1201. The two buildings will now be fully integrated and will be operated as a single entity under common ownership.
The 1225 addition has a total rentable area of 113,640 square feet or 10,557 square meters. This brings the total area of the combined buildings to 434,343 square feet, or 40,394 square meters. 1225 New York is 100% leased, with the Venable law firm occupying 33% of the building, and two U.S. Government agencies (The Corporation for National Service and The Office of Government Ethics) occupying 39% of the property.
Scott Sweeney, Senior Vice President and Director of Asset Management for Falcon Real Estate said, “There will be a much greater number of potential full-floor tenants who will consider leasing in the combined property, who would not consider leasing from two different landlords. This additional demand could increase the rental rate on new leases by as much as $2 per square foot.”