Deborah L. Harmon's Artemis Real Estate Partners Acquires Metropolitan Square Office Building In Washington D.C. For $305M
655 15th Street Northwest
$305,000,000
$466/SF
Building Size
654,000 SF
Asset Type
Office
Closing
Oct 5, 2023
AI
Metropolitan Square, a prominent 654,000-square-foot office building located at 655 15th Street Northwest in Washington, D.C., has been sold in a notable transaction. The property, situated near the White House in downtown Washington, D.C., changed hands for a total of $305 million.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $305,000,000
The buyer in this deal was Deborah L. Harmon from Artemis Real Estate Partners. On the selling side, Stephen A. Schwarzman from Blackstone and Owen D. Thomas from Boston Properties were involved in the transaction.
Metropolitan Square's sale price of $305 million reflects a price per square foot of $466, given its total area of 654,000 square feet. This transaction signifies a significant investment in the Washington, D.C. office market, highlighting the market's allure and potential for growth.
Washington Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93