October 17, 2018
Washington – Transwestern today announces it has been retained by Brickman to sell 4201 Connecticut Ave. NW, a 71,889-square-foot office building in Washington, D.C., near the Red Line’s Van Ness Metro Station. Transwestern’s Mid-Atlantic Capital Markets Group is representing Brickman.
“4201 Connecticut Ave. NW is a high-yielding, core investment opportunity that will provide buyers with close to a 200-basis-point premium over office buildings located in Washington’s Central Business District,” said Transwestern Executive Managing Director Gerry Trainor. “Furthermore, the Uptown submarket has tightened, with no new development over the past 10 years and several office buildings have been taken out of service, primarily for residential conversions.”
The Uptown submarket’s vacancy rate of 6.6 percent is the fourth-lowest in Washington, D.C., and the vacancy rate within a quarter-mile of the Van Ness Metro Station is even lower, at 6.2 percent. Accordingly, in-place rents at the property have risen by 13.5 percent since May 2015.
The property is 98 percent leased to a diverse mix of tenants including Bank of America and MedStar Health. As a freestanding building, it offers an excellent floor-to-glass ratio and flexible floor plates that can accommodate both single- and multi-tenant configurations. It recently underwent renovations totaling nearly $6.5 million that include improvements to the lobby, main entrance, restrooms, elevators and parking garage, as well as a new roof and HVAC units. The building is one of only five office buildings in the Uptown submarket that were constructed or substantially renovated since 2000.
Situated in a vibrant live/work/play environment, the property is surrounded by ample retail amenities. It is across the street from the University of the District of Columbia and proximate to Georgetown University, American University and Howard University School of Law.
Transwestern’s Mid-Atlantic Capital Markets Group focuses on investment services throughout the Washington, D.C., region, providing clients with exceptional service and market knowledge. During the past 24 months, the group’s transactions have exceeded $1.8 billion in aggregate value. The team’s success is a direct result of detailed underwriting and keen understanding of the local, national and international investment communities.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 35 U.S. offices and assists clients from more than 221 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.