An affiliate of Normandy Real Estate Partners has sold 950 L’Enfant Plaza SW for nearly $104.6 million, or nearly $331 per square foot, to an affiliate of Boyd Waterson Asset Management, according to D.C. property records.
The sale comes not quite 18 months after Normandy acquired the 315,726-square-foot building for $39.5 million after casting the winning bid at a May 2018 foreclosure auction. The New York-based firm has since inked more than 141,000 square feet of lease renewals, with tenants including the Federal Aviation Administration.
Normandy later refinanced the property through a $68 million loan from Citizens Bank and retained Holliday Fenoglio Fowler LP to seek buyers for the property, with an occupancy rate of about 86%, earlier this year. The property is assessed at about $109.4 million. The seller was represented by a team that included Matt Nicholson, Jim Meisel and Andrew Weir. The team secured the deal at HFF prior to the firm’s acquisition by JLL (NYSE: JLL) and is now part of JLL’s capital markets team.
Normandy, through a spokesman, declined to comment.
The deal came on the heels of the $141.8 million sale of One Constitution Square in NoMa earlier this month to another affiliate of Boyd Watterson.
The L’Enfant Plaza sale brought to resolution one of the last remaining distressed office properties tied to commercial mortgage-backed securities taken out before the Great Recession. Much of that real estate has since been resolved, either through foreclosure, deeds in lieu of foreclosure, or refinancing.