Hines boosted its Washington, D.C., office portfolio with the recent purchase of an eight-story, 306,663-square-foot office building in the city’s central business district, where the company now owns or manages seven properties totaling more than 3 million square feet.
Prudential Real Estate Investors, on behalf of German institutional investors in U.S. Property Fund III, sold the property for an undisclosed price.
The building, located at 2100 M St. NW, was completed in 1969 and has undergone significant renovations over the past 10 years.
At the time of sale, the property was 99 percent leased to tenants that included The Urban Institute, The George Washington University, Perkins+Will Inc., and the Stewart & Stewart law office.
Hines will have the opportunity to potentially develop an additional 100,000 square feet at the site, according to a press statement.