Hines has plans to pay $227 million for the 391,605-square-foot building at 1015 Half Street SE, Washington, D.C., reported The Real Estate Alert.
The seller of the 10-story building was PGIM Real Estate.
It is considered to be the largest office sale since the pandemic. Key sale transactions during the first quarter include MetLife Real Estate paying $120.5 million for 1350 Eye Street NW, and Invesco acquiring a 70 percent stake in 1307 New York Avenue NW for $29.1 million, reported Cushman & Wakefield.
JLL reported in the first quarter Washington, D.C., experienced nearly 2 million square feet of net occupancy loss to start 2021, driven by small move-outs and a large federal relocation. Without a significant uptick in net-new demand to backfill relocations and move-outs, the game of “tenant musical chairs” will continue, leaving Washington, D.C., vulnerable to rising and stagnant vacancy, particularly in some of its most well-established subma
