Northwestern Mutual buys D.C. office for $209m

Northwestern Mutual has acquired the McPherson Building, a 12-story, 255,968-square-foot office building in Washington, D.C., for $209.1 million.

The seller was not disclosed.

“The opportunity to purchase the McPherson Building is truly once in a generation. Just a block from the White House and U.S. Treasury building, the iconic structure anchors McPherson Square and benefits from an irreplaceable location,” said James Cassidy, executive managing director at brokerage firm Newmark Knight Frank. ‘The building’s presence on the corner of 15th and Eye Streets across from McPherson Square Park affords it abundant light and air through three and a half to four sides of glassline.”

The property is located at 901 15th St. NW, one block from The White House and The Treasury Building. The building recently underwent $30 million of renovations, which included updates to a two-story lobby, updated fitness center and bike room, along with new common areas, elevators and restrooms to the building. The building is 97 percent leased. Tenants include Booz Allen Hamilton, New York Life and Davis Polk & Wardwell.

“A short walk to Metro as well as the most influential decision-making bodies in the country, the McPherson Building has everything going for it. The quality of the building’s amenities and its stately presence only enhance its appeal,” added Cassidy. “With brand-name tenants, everything about the property broadcasts quality.”