Washington, DC – Cassidy Turley announced today that it arranged the sale of 1501 M Street, a 177,525 square foot trophy asset located in Washington, DC. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller, The John Buck Company’s JBC Opportunity Fund III. Institutional investors advised by J.P. Morgan Asset Management acquired the property.
1501 M Street is a 93 percent leased core asset with the majority of the occupancy in-place through at least 2017. Prominently situated at the corner of 15th & M Streets, 1501 M Street is defined by the distinctive 11-story glass walled turret, which not only immediately identifies the property, but it also provides remarkable 270-degree views of downtown Washington, DC. The top floor features balconies overlooking 15th Street and M Street, and the lower level offers a state-of-the-art conference center and common area. Additionally, in 2009 the building was awarded LEED certification by the US Green Building Council.
About The John Buck Company
The John Buck Company (JBC) is a privately owned real estate firm specializing in investment, development, property management, leasing, and advisory services. Focused on creating value for investors, owners and tenants, the firm has completed more than $10.5 billion in real estate transactions and developed or redeveloped 35 million square feet of office, mixed-use, residential and hotel projects. JBC is currently investing nationwide on behalf of its JBC Fund IV. Additional information about JBC can be found on its website: www.tjbc.com.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has approximately $46.9 billion in real estate and infrastructure assets under management, as of September 30, 2010. With a 40-year history of successful investing and a staff of 366 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 420 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley has served the international needs of its clients since 1985. In 2010, the firm enhanced its global service delivery through its partnership with GVA Grimley. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit www.cassidyturley.com for more information about the company.
Maureen Wheeler 202.463.1138