WASHINGTON, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it brokered the sale of 1101 Connecticut Avenue, NW in Washington, DC, a joint venture between Federal Capital Partners® (FCP) and Penzance, to a new joint venture between Dune Real Estate Partners (Dune) and Penzance. FCP and Penzance acquired the building in a joint venture in 2010. Penzance will maintain its existing ownership level in the property and will retain leasing oversight and property management responsibilities.
Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented Penzance and FCP in the 12-story, 187,879 square-foot-building transaction.
“One of the primary features of 1101 Connecticut Avenue is its commuter-friendly and amenity-rich location in DC, which sits at the pinnacle of a 43-block grid that includes over 230 restaurants, 300 retail destinations and seven hotels,” Mr. Flood said. “Connecticut Avenue continues to be the preferred location of both business and government-related organizations due to the existing exceptional, high quality and fully established amenity base.”
At 94% leased, 1101 Connecticut Avenue occupies the prestigious corner of Connecticut Avenue and L Street atop the Farragut North Metro Station, providing tenants direct access to Washington’s most heavily traveled Metrorail (Red Line). The building also features panoramic views along Connecticut Avenue with upper floors providing views of the Washington Monument, Farragut Park, and the streetscape leading to Dupont Circle.
Penzance is a private equity real estate investment company that owns, develops and manages commercial properties. The company focuses on investment grade real estate opportunities in the metropolitan Washington, DC area and has acquired investments valued at more than $1.2 billion in real estate transactions since its inception in 1997. For more information, please visit www.penzco.com.
About Dune Real Estate Partners
Dune Real Estate Partners LP is a New York City-based real estate investment firm executing an opportunistic strategy with a focus on distressed, deep value-add and contrarian investing, primarily in the United States. The firm's sole focus is on assembling and managing a diversified portfolio of compelling, opportunistic real estate investments. Dune manages the Dune Real Estate Funds which were launched by Mr. Daniel M. Neidich in 2005 and have raised over $1.9 billion of equity capital and currently manages $3.5 billion of real estate assets. Dune’s five partners, led by Mr. Neidich as CEO and Ms. Cia Buckley as CIO, have an average of 24 years of real estate experience and bring broad-based relationships, long-term investment histories and extensive capital markets experience to the firm’s investment program.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, 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 $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants 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. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.