HFF announced today that it has closed the leasehold sale of Carroll Square, a 178,000-square-foot, Class A office property in the East End submarket of Washington, D.C.
HFF marketed the property exclusively on behalf of the seller, Seaton Benkowski & Partners. GLL Partners purchased Carroll Square for $121.4 million and assumed an existing loan on the property.
Carroll Square is a 10-story building comprised of both new construction and seven late 19
century commercial townhomes. Its unique features include a small public art gallery, three rooftop terraces and a “pocket park” located between the office building and St. Patrick’s Catholic Church to the north. The property is encumbered by a ground lease with the Archdiocese of Washington, D.C., through 2102 and is fully leased to tenants including the law firms of Seyfarth Shaw, Holland & Hart, and Fitzpatrick, Cella, Harper & Scinto. Retail tenants include Le Pain Quotidien, Leica Camera and Coco Sala. Located at 975 F Street, NW, Carroll Square is close to Gallery Place, the Verizon Center and the New Convention Center, and is within walking distance of five different Metro lines.
The HFF team representing the seller was led by executive managing director Stephen Conley and senior managing directors Jim Meisel, Dek Potts and Andrew Weir. Additional support was provided by real estate analysts Matt Nicholson and Jessica Dickinson.
Founded in 1991, Seaton Benkowski & Partners (“SBP”) is a boutique real estate advisory firm that invests in the Washington, D.C., area on behalf of large dollar trusts and endowments. SBP invests both directly and in joint venture with operating partners. Akridge was SBP’s partner in the development, leasing and management of Carroll Square. Akridge is a Washington, D.C.-based comprehensive commercial real estate services and investment company.
GLL Real Estate Partners is an institutional real estate investment advisor headquartered in Munich, Germany. GLL was founded in 2000 and has over $6 billion of assets under management in Europe, Latin America and the U.S. on behalf of its client base through strategic funds and separate accounts. The company has invested over $2 billion in core commercial properties in major U.S. markets. GLL’s U.S. offices are located in Orlando and San Francisco with 25 professionals overseeing transactions, asset management and accounting.