Newmark announced today that is has completed the sale of the 349,303-square-foot Presidential Tower on behalf of Beacon Capital Partners. The building, located at 2511 Jefferson Davis Highway, was purchased by an institutional investor.
Presidential Tower is a Class-A office building in the National Landing submarket of Arlington, Virginia. The asset underwent a significant renovation over the past few years including an expansion and modernization of the main lobby, common corridors and restrooms. It also offers an exceptional amenity package and best-in-class spec suites. The once fully vacant building is currently 95 percent leased, is only two blocks from the Amazon HQ2 site and close to Reagan National Airport and Crystal City Metro Station.
“We saw a tremendous amount of interest in Presidential Tower given its location in National Landing, future home of Amazon’s second headquarters,” said Newmark Executive Managing Director Jud Ryan. “The building offers an exciting opportunity to participate in the submarket’s transformation from a government-dependent market to a vibrant, 24/7, tech-focused hub bringing at least 25,000 jobs.”
Newmark’s Executive Managing Directors Jud Ryan and James Cassidy and Co-Head of U.S. Capital Markets Robert Griffin facilitated the sale. Vice Chairmen and Co-Heads, Capital Markets Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub along with Vice Chairmen Joe Donato and Maury Zanoff arranged financing.
Photo of the building credited to Beacon Capital Partners and David Madison Photography can be found here.
About Beacon Capital Partners
Beacon Capital Partners is a tenant-focused private real estate investment firm with a 70-year legacy of successful real estate development, ownership, and management. Beacon has raised nine investment vehicles totaling over $13.5 billion in equity since 1998 from a diverse investor group including endowments, foundations, public, private and foreign pension funds, financial institutions, and sovereign wealth funds. This equity has fueled 160+ office investments with a projected total value of approximately $40 billion (including leverage and JV partner equity). For more information, visit www.beaconcapital.com.
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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