Hines Global REIT has acquired 55 M Street, a nine-story, Class A office building in Washington, DC.
The property is 89 per cent leased to a number of tenants, including The District of Columbia Department of Transportation; the Federal Aviation Administration; and Sayres and Associates Corp.
Hines will manage 55 M Street on behalf of Hines Global REIT.
The 266,566-square-foot building is located at the intersection of M and Half streets within the Capitol Riverfront submarket, and provides views of the US Capitol and the Washington Nationals Ballpark. Completed in 2009, the LEED Silver certified building also enjoys immediate access to South Capitol Street, I-395 and I-295, each a major vehicular route to Maryland and/or Virginia.
"Hines Global REIT was attracted to this property because of the long-term stable tenancy, the premium location and the emerging Capitol Riverfront submarket," says Sherri Schugart, president and CEO of Hines Global REIT.
Hines senior managing director Chuck Watters says: "Capitol Riverfront is an emerging mixed-use submarket, and we believe that 55 M Street is ideally situated to benefit from its future growth. The quality of this location and building makes the property a great addition to the Hines Global REIT portfolio."
Eastdil Secured represented the seller, McFarlane/Lehman/Monument Realty, in the transaction.