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Evan Cohen Purchases Office Building From TIAA At 1401 H Street NW For $118M
SOLD
$118,000,000
Office
Sold 03/25/2025
SOLD
Evan Cohen Purchases Office Building From TIAA At 1401 H Street NW For $118M
1401 H Street Northwest
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Sold 03/25/2025
Summary
Asset Type:Office
Transaction Type:Sale
The property asset involved in this transaction is a 12-story office building located at 1401 H Street Northwest in the Washington, DC market. The sale was finalized for $118,000,000, a significantly reduced price compared to TIAA's previous purchases, which included $205,000,000 in 2006 and a purchase price of $133,000,000 in 1998.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $118,000,000
- Buyer: Evan Cohen
- Seller: TIAA
- Market: Washington, DC
The key players in the transaction include TIAA, represented by its subsidiary Nuveen, which sold the office building to Tourmaline Capital Partners. This sale reflects a notable decline in the property’s market value over the years since its initial purchases by TIAA.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,293,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$419,229.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$559,380.20
Annual Debt Service$6,712,562.41
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