Falcon Advises on Sale of Major Washington D.C. Office Building
New York Avenue is a multi-tenant office building that was constructed in two separate but adjoining phases – 1201 New York Avenue having been completed in 1989 and 1225 in 1993. Falcon originally advised on the purchase of 1201 New York for our client in 1999 and was able to purchase 1225 New York Avenue two years later. This enabled the two buildings, which had been operating under separate ownership, to be combined into one first class building with over 400,000 square feet of net rentable space.
Falcon then undertook a major renovation program of the combined buildings and subsequently carried out a successful re-leasing program for the entire property. Upon completion of the re-leasing and renovation programs, the combined property was sold in September 2006 at a price in excess of $200 million.