Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 1992
Building Area
Occupancy 60.0 %

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative, is pleased to present this opportunity to purchase Portals I (the “Property”), a 536,206 (BOMA) square foot Class A office building located at 1250 -1280 Maryland Avenue, SW in Washington, DC. Prominently overlooking the Southwest Waterfront, the Property represents Phase I of the award-winning, $1.0 billion mixed-use Portals development featuring 1.5 million SF of office, over 370 luxury residential units, the 400-room Mandarin Oriental hotel, and numerous retail amenities. The Property is currently 60% leased to 10 tenants, anchored by CareFirst BlueCross BlueShield (33% of RBA) through 2025, with a weighted average remaining lease term of 5.1 years.

Investment Highlights

  • 536,206 (BOMA) RSF of Class A Office Prominently Overlooking Washington, DC’s Southwest Waterfront
  • Phase I of the Award-Winning Portals Mixed-Use Development – A $1.0 Billion Project Featuring Office, Residential, Retail, and Hotel
  • 60% Leased to 10 Tenants with 5.1 Years WALT; Anchored by CareFirst BlueCross BlueShield (33% of RBA) through 2025
  • Adjacent to the Transformational 24-Acre, 3.2 Million SF, District Wharf – A $2.0 Billion Mixed-Use Development Situated Along 1 Mile of Washington’s Waterfront
  • Panoramic Views of the Potomac River, Tidal Basin, Jefferson Memorial, Washington Monument, National Mall, and Capitol Building
  • On-Site Amenities Include Fitness & Conference Centers, the Five-Star 400-Room Mandarin Oriental Next Door, and Over 370 Newly Constructed, Luxury Residential Units
  • Two Metrorail Stations within One Half Mile of the Property – Smithsonian (Orange, Blue & Silver Lines) & L’Enfant Plaza (Green, Yellow, Orange, Blue & Silver Lines) – Provide Regional Mass Transit Connectivity via 5 of Metrorail’s 6 Lines
  • Compelling Price Point for GSA & Other Large Users; Over 10 Million SF of GSA Leases Expiring in the Next 5 Years Alone
  • Attractive Value-Add Investment Opportunity With Substantial In-Place Cash Flow Priced at a Significant Discount to Replacement Cost
  • Free & Clear of Existing Debt
Last Updated Date: 11 Sep 2020
Matt Nicholson
Matt Nicholson
Managing Director, Capital Markets
License details
DC-SP98369865 MD-641934 VA-0225191878
Jim Meisel
Jim Meisel
Senior Managing Director, Washington, D.C. Office Co-Head
License details
DC-SP100478 MD-521313 VA-0225049461

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Last Updated Date: 11 Sep 2020

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