Principal Real Estate Investors, on behalf of a consortium of South Korean investors, which includes Hana Asset Management Co., has sold Washington Harbour, a 562,105-square-foot, world-renowned mixed-use project located along the Potomac River in Washington, D.C.’s Georgetown submarket.
The sales price was $415 million.
The buyer was not disclosed; however, it’s reported to be Global Holdings Management Group, according to Washington Business Journal. The acquisition is Global Holdings’ second D.C.-area acquisition. It acquired the Courtyard by Marriot for $83 million.
A $50 million renovation in 2013 delivered new retail and street-level experiences, including the addition of a fountain with programmable light and water shows in the spring and summer, which transforms into a 12,000-square-foot ice skating rink in the fall and winter months.
The project is currently 98 percent leased to 31 tenants such as the law firms of Foley & Lardner and Kelley Drye & Warren, as well as communications and advertising firm GMMB Inc. Major retail tenants include restaurants such as Fiola Mare, Farmers Fishers Bakers, Bangkok Joe’s, Sequoia, Tony & Joe’s Seafood Place and Nick’s Riverside Grill.
While still projected to easily surpass the annual historical average, job growth across the Washington, D.C., metropolitan region cooled off in the second quarter of 2018, according to Cushman & Wakefield. A total of 23,500 non-farm jobs have been added through May 2018, although nearly 80 percent of those were in January and February alone. The federal government has slashed 7,000 jobs year-to-date (YTD), 4,200 of which were in the District of Columbia. Many of these jobs were re-created in the professional & business services space, in which 11,000 jobs have been added YTD across the region, the largest figure for any industry sector.
