PREI buys D.C. office for $318m
Prudential Real Estate Investors has acquired the office building located at 500 Eighth St. in Washington, D.C., on behalf of institutional investors. The seller is Boston Properties. The 10-story office property is rumored to be sold for $318 million or $985 per square foot, according to Real Capital Analytics.
Prudential Real Estate Investors is the real estate investment management and advisory business of U.S.-based Prudential Financial.
Developed in 2007 by the seller, 500 Eighth St. is a class A, 325,361-square-foot office building with 18,663 square feet of retail and a three-level parking garage. Located in the East End of Washington, D.C., the property is in close proximity to the White House, the U.S. Capitol and the National Mall.
The exterior features a glass atrium, two distinct marble- and granite-finished lobbies, dual rooftop terraces with panoramic views, an onsite fitness center and two art exhibition areas. Retail tenants include Pe