HFF secures joint venture for 11-story office development in Washington, D.C.’s East End
WASHINGTON, D.C. – April 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a joint venture for the acquisition and development of 699 14th Street NW, an 11-story, planned trophy office building in Washington, D.C.’s East End.
HFF worked on behalf of the developer, Lincoln Property Company (Lincoln), to arrange a joint venture with Pearlmark Real Estate (Pearlmark).
699 14th Street NW is located at the corner of 14th and G Streets in Washington, D.C.’s East End, one and a half blocks from the White House. The site was previously home to the National Bank of Washington. The joint venture has plans to renovate the bank and develop an adjoining trophy office building.
Upon completion, the project will deliver approximately 135,000 rentable square feet of office and 25,000 rentable square feet of retail space. Designed by Shalom Baranes Associates, the office building will feature a state-of-the-art glass tower buttressing the historic bank. The 11-story building will offer four sides of floor-to-ceiling glass windows, nine-foot ceiling heights and multiple common and private outdoor terraces.
The HFF team representing the developer was led by Stephen Conley, Susan Carras and Andrew Weir.
“It has been our privilege to work with Lincoln and Pearlmark in creating the start of one of the most exciting projects in D.C. history,” Carras said.
About Lincoln Property Company
Lincoln Property Company, founded in 1965, is a Dallas, Texas-based global real estate company with offices in more than 200 cities in the United States and 10 countries throughout Europe. As a privately held real estate firm, it provides real estate investment, property management, development and leasing services worldwide. Lincoln Property Company has offices in all major markets of the U.S. and throughout Europe. Lincoln Property Company currently has $30 billion in total assets under management and has developed 138 million square feet of office, residential and industrial space. Lincoln Property Company is one of the largest privately held commercial real estate companies in the United States. For more information on Lincoln Property Company, please call 202.513.6700 or visit lpcwashingtondc.com.
About Pearlmark Real Estate
Chicago-based Pearlmark is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts. Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of nearly $13 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed over $5.0 billion of equity capital to the firm’s investment activities. The company currently employs approximately 20 professionals. For more information, please visit pearlmark.com.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.