BXP Sells D.C. Office to Jemal Equities for $92M – Commercial Observer
BXP has unloaded a 254,000-square-foot office building in Washington, D.C.’s Dupont Circle for $92.3 million as the firm sheds older properties in the nation’s capital.
Affiliates of Jemal Equities acquired the building at 1330 Connecticut Avenue NW, according to deed records cited by the Business Journals. Burke & Herbert Bank & Trust provided $72.5 million in financing for the deal.
Douglas Development Managing Principal Matthew Jemal runs Jemal Equities. The acquisition is the company’s fourth D.C. office purchase in about 14 months in deals totaling almost $227 million.
In May, the firm acquired a 235,000-square-foot office building at 99 M Street SE for $93.2 million from an affiliate of Polinger. A month earlier, it purchased the 155,000-square-foot Lion Building at 1233 20th Street NW from affiliates of MRP Realty and BGO for $12.4 million. Jemal Equities also acquired the 123,000-square-foot property at 1750 H Street NW for $28.8 million last year.
For BXP, the disposition is part of a broader strategy to sell older D.C. office assets while directing capital toward new trophy office developments. The Boston-based real estate investment trust is developing projects at 725 12th Street NW and 2100 M Street NW, both pre-leased to law firms. The properties represent the only new private office construction in D.C.’s pipeline.
The company also transferred its leasehold interest in the 210,000-square-foot Sumner Square office complex to an affiliate of Vieron Capital for $63 million in August.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
