Falcon Acquires Prime Washington DC Office Building for $93.5 Million
Falcon Real Estate has acquired the Farragut Building, a prime Washington DC multi-tenant office building consisting of 146,000 square feet located at the corner of 17th and Eye Streets, just two blocks from the White House. Falcon purchased the newly renovated Class A 12-story building for $93.5 million on behalf of Generali Immobiliare, the real estate arm of the European based global insurance company Generali Group.
Falcon, as a national advisor and investment manager for the institutional buyer, carried out all phases of the acquisition process including purchase price and contract negotiations, underwriting, due diligence and closing coordination. Larry Welsh, a Falcon Vice President commented “Falcon was able to successfully acquire this key asset by utilizing long-standing local relationships that we have in the DC market in order to get an early lead and maintain a competitive advantage throughout the highly selective bidding process.”
The Farragut Building is 99% leased to a diverse roster of notable tenants with staggered lease expirations. The property’s location, small floor plates and vehicular and metro accessibility make it a highly desired boutique office choice for the smaller but more discerning tenant.
“This purchase fit our client’s mandate perfectly – to acquire a top tier asset in a major gateway city,” stated Falcon Executive Vice President, David Hill. “This criteria has been similar for many investors but, as investment activity recovers and competition and pricing for these select properties increases, more investors are now expanding their focus to consider top tier properties in the more important secondary cities as well.”