May 31, 2022 1:00 PM
Newmark announces it has completed the $228 million sale of Universal North and South, two Class B office buildings totaling 659,459 square feet and encompassing an entire city block near Dupont Circle in downtown Washington, DC.
The properties were sold from JBG Smith, a publicly-traded real estate investment trust based in Bethesda, Maryland, to Post Brothers, a Philadelphia-based development firm. The purchase is Post Brothers’ first foray into the Washington, DC market after developing several successful projects in Philadelphia. Newmark Executive Managing Directors Jud Ryan and James Cassidy represented the seller in the transaction.
“This transaction marks one of the District’s largest outright office property sales in 2022, and we are very thankful to our client, JBG Smith, for entrusting us with this listing,” said Ryan. “This was a complex transaction that required multiple execution strategies. We were able to create a competitive environment for each of these strategies, giving ownership maximum flexibility on how they wanted to execute on the sale.”
Universal North and South is a two-building office complex located at 1825 and 1875 Connecticut Avenue NW. Universal North is a 12-story 368,071-square-foot value-add asset 40% leased at the sale. Universal South is a 10-story, 291,387-square-foot, cash-flowing asset that was 98% leased at the sale. The project can accommodate an additional 73,428 square feet of by-right density. The profile and location of these assets presented an opportunity for investors to execute multiple strategies, including renovating, repositioning or redeveloping for alternative uses.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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