Washington, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it arranged the sale of the National Press Building, containing approximately 420,000 square feet of office and retail space in Washington, DC. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller, Press Building, LLC. Affiliates of AEW Capital Management, L.P. and Quadrangle Development Corporation acquired the property for $167,500,000. Quadrangle affiliates will continue to manage and lease the property. AEW acquired the property on behalf of the AEW Core Property Trust (U.S.), an open-end core real estate fund.
The National Press Building is located at 529 14th Street, NW in the East End submarket, one block from the Metro Center subway station. Situated at the intersection of 14th and F streets, NW, the National Press Building is central to many of the nation's financial, political and media powers, including the White House, the Treasury Department and the Department of Commerce, all within a two-block radius. The National Press Club, which regularly hosts presidents, prime ministers, and business and cultural leaders throughout the year, is located on the top two floors. This private club was founded in 1908 and today consists of more than 3,500 journalist and communication professionals and hosts more than 250,000 visitors attending over 2,000 events each year.
About AEW Capital Management, L.P.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $32 billion of capital invested in $47 billion of property and securities in North America, Europe and Asia (as of March 31, 2011). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. Recently, AEW was honored to be named “2010 Real Estate Investment Manager of the Year” by Institutional Investor. The magazine conducted an independent survey of investors to measure investment managers on specific criteria, including client service, innovation, investment performance, reputation, and risk management. For more information please visit http://www.aew.com/.
About Quadrangle Development Corporation
Quadrangle Development Corporation is one of the Washington area’s largest full-service commercial real estate companies. Since 1971, Quadrangle’s business focus has been on the development, acquisition, ownership and operation of investment-grade residential and commercial properties in Washington, D.C., Virginia and Maryland. The company is proud of its “top-drawer” reputation with partners, lenders and tenants, and for the quality of its properties, which have won numerous awards.
Quadrangle has completed, acquired or begun development of 60 separate buildings aggregating 16 million square feet at $6.0 billion in current cost. An additional 20 projects are in the company’s pipeline, aggregating an additional 6 million square feet and over $2 billion in cost. Further information about Quadrangle is available at http://www.quadrangledevcorp.com/.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,000 professionals in 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 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, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.