A partnership between Network Realty Partners (NRP) and USAA Real Estate has purchased Union Square, an office complex in Washington, D.C.’s NoMa (North of Massachusetts Avenue) neighborhood.
The seller was CIM Commercial Trust Corp., reported media outlets. Financial terms were not revealed.
This is NRP’s first major acquisition and is reported to be Washington, D.C.’s largest office sale of this year.
The property comprises a central courtyard and two nine-story office buildings totaling 625,506 square feet. Originally constructed in 1969 and renovated in 2012, the Union Square office complex is nearly 90 percent leased to government and non-profit tenants.
NRP intends to introduce a complementary use on the courtyard site and transform the complex into a vibrant 18-hour, mixed-use office environment. NoMa is maturing quickly as thousands of new residential units deliver into the District of Columbia’s hottest and most connected neighborhood.
Rod Lawrence, a managing partner, and co-founder Bill Morris launched NRP in late 2018 as a diversified real estate investment and development company focused on urban, place-based office and mixed-use properties and investing in transit-oriented metro submarkets.
