After three months of actively seeking a buyer for its prime piece of commercial real estate, Vornado Realty Trust met its match. Vornado spent the last several years aggressively targeting new, high-quality tenants while toying with the idea of a sale in order to position itself for the best possible listing price. September 10, 2015 marked the closing of a USD$182,000,000 deal between Vornado Realty Trust and Manulife Financial Corporation.
Squarely situated alongside luxury hotels, sophisticated shopping outlets and fine dining, 1750 Pennsylvania Ave NW is a strategic real estate investment to say the least. Just one block northwest of the White House, this impressive 278,916 square foot, thirteen story building holds high investment appreciation potential for Manulife and its US life insurance division, John Hancock.
“OUR ACQUISITION OF 1750 PENNSYLVANIA AVENUE EXPANDS OUR FOOTPRINT IN THE WASHINGTON MARKET TO OVER 1.3 MILLION SF OF OFFICE ASSETS MANAGED ON BEHALF OF BOTH JOHN HANCOCK AND EXTERNAL INVESTORS,” SAID KEVIN ADOLPHE, PRESIDENT & CHIEF EXECUTIVE OFFICER OF MANULIFE REAL ESTATE AND PRESIDENT & CHIEF EXECUTIVE OFFICER OF MANULIFE ASSET MANAGEMENT PRIVATE MARKETS. “IN LINE WITH OUR GROWTH STRATEGY, IN THE PAST FIVE YEARS, WE’VE FURTHER DIVERSIFIED OUR REAL ESTATE PORTFOLIO ACQUIRING OVER US$4.1 BILLION OF COMPLEMENTARY ASSETS ACROSS KEY U.S. MARKETS.”
As many international real estate investors focus on diversified real estate holdings to combat inflation pressures, key United States markets like Los Angeles, New York, Chicago, and Washington
DC increase in appeal. 1750 Pensylvania Avenue NW offers tenants sought-after amenities like:
• LEED Gold certification
• .67 : 1,000 sqft parking ratio
• 23,000 sqft average floor space
• Energy Star Certification
• Close proximity to Blue, Orange, and Red metro lines
Featuring a diversified list of both government and private tenants, this commercial property also boasts 96% occupancy. Current tenants include AOL Inc., US Treasury Dept., United Nations Foundation, and GNC. Speaking to a larger trend, Manulife and other large pools of institutional funds have been pouring into prime office, commercial, and industrial real estate across Asia, Canada and the United States. Viewed as a safer bet than the stock market and delivering higher rates of returns than fixed income securities, increased international investment in real estate represents a renewed comfort level unseen since 2005.
For more information on the current international and commercial real estate climate within Washington DC and Northern Virginia, please contact Gene Mock at 703-342-8100.
US Life Insurance Giant John Hancock Acquires 1750 Pennsylvania Avenue NW, Washington, DC
Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty 703-342-8100 for your real estate needs.