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Post Brothers Acquires Office Building In Washington, DC For $228M

Property Image
SOLD
$228,000,000
Jud Ryan
James Cassidy
Matt Kelly
+ 1

District Of Columbia

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Office368,071 SF
Sold 05/31/2022
the dealplayerscompscontact
Property Image
SOLD

Post Brothers Acquires Office Building In Washington, DC For $228M

1875 Connecticut Avenue Northwest, Washington, District Of Columbia 20009, United States

See Similar Deals
Office368,071 SF
Sold 05/31/2022
Jud Ryan
James Cassidy
Matt Kelly
+ 1
the dealplayerscompscontact
Contact now

Summary

Asset Type:Office
Price Per Square Foot:$619
Total Square Footage:368,071 SF
Transaction Type:Sale

This office asset located at 1825 & 1875 Connecticut Avenue NW in Washington, DC, has been sold for a transaction amount of $228,000,000. The total square footage of the property is 368,071, equating to a price per square foot of $619.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $228,000,000
  • Square Footage: 368,071
  • Price per Square Foot: $619
  • Buyer: Post Brothers - Matthew Pestronk
  • Seller: JBG Smith - Matt Kelly
  • Brokers: Jud Ryan & James Cassidy - Newmark

Matthew Pestronk represents Post Brothers in this transaction, while Matt Kelly represents JBG Smith. The brokerage firm involved in this deal includes Jud Ryan and James Cassidy, who are affiliated with Newmark.

Players

James Cassidy
Newmark
James Cassidy
13 deals$1.1B volume
BROKER
Jud Ryan
Newmark
Jud Ryan
5 deals$434.5M volume
BROKER
JBG Smith
JBG Smith
BROKERAGE
MP
Post Brothers
Matthew Pestronk
3 deals$710M volume
BUYER
Matt Kelly
JBG Smith
Matt Kelly
6 deals$700.8M volume
SELLER

Details

SOLD
IMAGE: Matt Kelly, Matthew Pestronk, Jud Ryan & James Cassidy DATE: 05/31/2022 ADDRESS: 1825 & 1875 Connecticut Avenue NW MARKET: Washington, DC ASSET TYPE: Office BUYER: Post Brothers - Matthew Pestronk SELLER: JBG Smith - Matt Kelly BROKERS: Jud Ryan & James Cassidy - Newmark SALE PRICE: $228,000,000 SF: 368,071 ~ PPSF: $619

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$12,160,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$810,035.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,080,836.32
Annual Debt Service$12,970,035.84