Lincoln Property Co Acquires Property From National Association For The Education Of Young Children For $34.7M

The National Association for the Education of Young Children has sold an office property located at 1313 L St NW, Washington, DC, for $34,700,000. The asset spans 84,040 square feet and is situated in the Washington market. Completed in 1984 and renovated in 2011, the six-story building is near the intersection of Vermont and Massachusetts avenues and is within walking distance of all six metro-rail lines.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $34,700,000
• Address: 1313 L St NW, Washington, DC, 20005
• Market: Washington
• Seller: National Association for the Education of Young Children
• Buyer: Lincoln Property Co
• Seller's Representatives: Brian Crivella (Berkadia), Dek Potts (JLL)
• SF: 84,040
• Loan Amount: $27.7 million self-financed loan

JLL Capital Markets represented the seller and facilitated the transaction. The team included Dek Potts, Susan Carras, Walter Coker, and Brian Crivella. Lincoln Property Co. is planning to redevelop the acquired building into a Class A residential property. Rich Lane and Eric West of West, Lane & Schlager will assist the seller in finding a new headquarters. Lincoln Property Co. also recently partnered with Clarion Partners for a $169 million acquisition in Los Angeles.