Washington, D.C. – June 19, 2018 – Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced the acquisition of 950 L’Enfant Plaza SW in Washington, D.C., a 280,000 square foot building.
“We are thrilled to acquire this iconic building, which offers a compelling value proposition to prospective tenants with direct connectivity to L’Enfant Plaza Metro station, unobstructed views to the south, and close proximity to the Wharf,” said Patrick Keeley, Principal, Normandy Real Estate Partners. “This investment adds to Normandy’s growing portfolio in the D.C. Metro market, where in the last four years, we’ve purchased approximately 2.5 million square feet of office properties, which include the National Press Building, 1015 18th Street NW, and 950 L’Enfant Plaza.”
This transaction marks the latest distressed debt opportunity that Normandy has identified and capitalized on in the Greater Washington area. In 2017, Normandy acquired Dulles Executive Plaza I & II, in Herndon, Virginia; together the properties comprise 380,000 square feet. And in 2014, Normandy closed on the 184,000 square foot Fair Oaks Plaza in Fairfax, VA and Reston Metro Center I & II (185,000 square feet) in Reston, VA.
950 L’Enfant Plaza is currently 88% leased and its only remaining vacancy of approximately 32,000 square feet offers twelve-foot ceiling heights, 9’ x 24’ windows overlooking the Wharf and is connected to a large outdoor terrace. The building is situated at the crossroads of three transformative developments, the recently completed District Wharf and the International Spy Museum and Hilton Hotel which are adjacent to the Property and will be completed by the end of this year.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with a total of 120 employees with broad real estate experience in areas such as acquisitions, investment management, leasing, property management, construction/development and accounting. Our focus is primarily on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where we own and operate one of the largest private real estate portfolios in the region totaling over 14 million square feet and a development pipeline of four million square feet. Our deep local relationships, vertically-integrated capabilities, and diversely-experienced team give us a distinct advantage, which enables us to consistently turn under-achieving real estate into exceptional high-yielding investments.
Normandy’s management platform is focused on two complementary investment strategies: i) value-add: a series of closed-end, fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors; and ii) core-plus: a series of separately-managed accounts for domestic and foreign institutional investors. Normandy currently manages approximately $1.5 billion of equity capital, representing total asset value of $3.3 billion. For more information visit www.normandyrealty.com.