1801 K Street trades owners in record-setting dealJLL maximizes value in Washington, DC

2015

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In 2009, the building owner, Somerset Partners, knew they needed to reposition the asset.

Click icon to add pictureLocated blocks from the White House, the Class B, 569,800-square-foot office building had the potential to become one of the Washington, DC CBD’s preeminent trophy office buildings.

JLL’s Project and Development Services team selected architect Skidmore,

Owings & Merrill to lead a $100 million renovation, which included...

Project and Development Services

Exterior façade

renovation with an energy-efficient glass curtain wall.

200-linear-foot commissioned light sculptureby LED artist Leo Villareal.

New lobbies at two entrances.

Through seamless delivery and strong risk mitigation, the full scope of work was successfully completed after an 18-month renovation period, during which the building was more than 75 percent occupied.

JLL’s Agency Leasing team targeted the market's historically top-tier firms, which led to leases with the

Federal Reserve, JLL, SRA International and Lockton Insurance.

JLL’s Agency Leasing

Class A building serviceswere cohesively provided by JLL Property Management.

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JLL Move Management relocated over

50,000 square feet of tenant space to accommodate the renovations.

JLL’s collaborative approach primed 1801 K for sale.

1801 K Street was introduced to investment professionals in Seoul via a private placement marketing campaign.

JLL corporate office

JLL Capital Markets brokered the record-setting sale to South-Korean based investor, Mirae Asset Global Investments, at

$445 million, or781 p.s.f.

JLL Capital Markets

$267 million in financing

was secured on behalf of the new owner. MetLife provided the five-year, fixed-rate loan.

JLL’s ability to provide complete and varied services throughout the investment lifecycle

led to this record-breaking sale in metro Washington, DC.

COPYRIGHT © JONES LANG LASALLE IP, INC. 2015

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