Documents
Attributes
| Year Built | 1992 |
| Building Area |
|
| Occupancy | 60.0 % |
Property Description
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative, is pleased to present this opportunity to purchase Portals I (the “Property”), a 536,206 (BOMA) square foot Class A office building located at 1250 -1280 Maryland Avenue, SW in Washington, DC. Prominently overlooking the Southwest Waterfront, the Property represents Phase I of the award-winning, $1.0 billion mixed-use Portals development featuring 1.5 million SF of office, over 370 luxury residential units, the 400-room Mandarin Oriental hotel, and numerous retail amenities. The Property is currently 60% leased to 10 tenants, anchored by CareFirst BlueCross BlueShield (33% of RBA) through 2025, with a weighted average remaining lease term of 5.1 years.
Investment Highlights
- 536,206 (BOMA) RSF of Class A Office Prominently Overlooking Washington, DC’s Southwest Waterfront
- Phase I of the Award-Winning Portals Mixed-Use Development – A $1.0 Billion Project Featuring Office, Residential, Retail, and Hotel
- 60% Leased to 10 Tenants with 5.1 Years WALT; Anchored by CareFirst BlueCross BlueShield (33% of RBA) through 2025
- Adjacent to the Transformational 24-Acre, 3.2 Million SF, District Wharf – A $2.0 Billion Mixed-Use Development Situated Along 1 Mile of Washington’s Waterfront
- Panoramic Views of the Potomac River, Tidal Basin, Jefferson Memorial, Washington Monument, National Mall, and Capitol Building
- On-Site Amenities Include Fitness & Conference Centers, the Five-Star 400-Room Mandarin Oriental Next Door, and Over 370 Newly Constructed, Luxury Residential Units
- Two Metrorail Stations within One Half Mile of the Property – Smithsonian (Orange, Blue & Silver Lines) & L’Enfant Plaza (Green, Yellow, Orange, Blue & Silver Lines) – Provide Regional Mass Transit Connectivity via 5 of Metrorail’s 6 Lines
- Compelling Price Point for GSA & Other Large Users; Over 10 Million SF of GSA Leases Expiring in the Next 5 Years Alone
- Attractive Value-Add Investment Opportunity With Substantial In-Place Cash Flow Priced at a Significant Discount to Replacement Cost
- Free & Clear of Existing Debt
Jim Meisel
Senior Managing Director, Washington, D.C. Office Co-Head
License details
DC-SP100478
MD-521313
VA-0225049461
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