Newmark announces the sale of the McPherson Building at 901 15th Street, NW in Washington, DC on behalf of an undisclosed client. The 12-story, 255,968-square-foot building located in the heart of the nation’s capital was brought to market for the first time in 24 years and purchased by Northwestern Mutual for $209,100,000.
“The opportunity to purchase the McPherson Building is truly once in a generation. Just a block from the White House and US Treasury building, the iconic structure anchors McPherson Square and benefits from an irreplaceable location,” said Newmark Executive Managing Director James Cassidy. “The building’s presence on the corner of 15th and Eye Streets across from McPherson Square Park affords it abundant light and air through three and a half to four sides of glassline.”
A $30+ million trophy-level renovation brought a stunning two-story lobby, updated fitness center and bike room along with new common areas, elevators and restrooms to the building. Already boasting an impressive roster of tenants including Booz Allen Hamilton, New York Life and Davis Polk & Wardwell, the building is 97-percent leased with an average of 7.1 years remaining on the lease terms. A three-level parking garage sits beneath the building and offers excellent ingress and egress in all directions.
“A short walk to Metro as well as the most influential decision-making bodies in the country, the McPherson Building has everything going for it. The quality of the building’s amenities and its stately presence only enhance its appeal,” added Cassidy. “With brand-name tenants, everything about the property broadcasts quality.”
Founded in Milwaukee in 1857, Northwestern Mutual provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, trust and private client services, estate planning and business planning. Its products include life insurance, disability income and long-term care insurance; annuities; investments; and investment advisory products and services. Northwestern Mutual ranked No. 104 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
Newmark’s Executive Managing Directors James Cassidy and Jud Ryan facilitated the sale.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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