Shorenstein Properties has sold a landmark office building located one block away from the White House to an investment firm acting on behalf of the California Public Employees' Retirement System (CalPERS).
The San Francisco-based private equity real estate firm sold Hamilton Square, located at 600 14th Street NW in Washington DC, to CommonWealth Partners, a Los Angeles-based real estate investment firm. Data provider Real Capital Analytics lists the sale price at $200 million.
CommonWealth purchased the nine-storey, 248,495-square-foot building on behalf of the $218 billion state pension plan. Originally built in 1929, the site of the former Garfinckel’s Department Store was redeveloped into office space in 1999 through a process that preserved the building’s exterior. Tenants currently include IBM, Pepper Hamilton, the Managed Funds Association and Capital One. Eastdil Secured represented the seller in the transaction.
Shorenstein originally purchased Hamilton Square in 2003 for $93 million. Although the firm could not be reached for comment, its website revealed that the asset was the last remaining property in Shorenstein Realty Investors VI, which raised $609.2 million in 2001. Currently, Shorenstein is investing Fund X, which raised $1.23 billion last year.