(April 5, 2017) Washington, D.C. — Lincoln Property Company, a leading full service real estate services provider in the U.S., along with Pearlmark announce a new trophy office development, 699 14th Street, NW. The development will incorporate the existing historic banking hall that was last occupied by the National Bank of Washington. The asset was acquired in a joint venture and Lincoln has been retained for development, leasing, and management services.
The project site, located a block and a half from the White House, is advantageously situated on one of Washington D.C.’s premier corners, 14th and G Streets, NW, and will deliver a unique 157,000 sf building to its East End neighborhood. The project is comprised of the existing historic landmark building known as the National Bank of Washington and will be combined with a brand new office tower on G Street, NW creating 135,000 sf trophy office space and over 25,000 sf of highly sought-after retail space. The joining of the old and new buildings will create an extraordinary D.C. experience for visitors and tenants.
The redevelopment and construction of this property, which sat dormant for the last 26 years, will begin by 4Q 2017 and will restore the features of the National Bank of Washington building to its historic charm while redeveloping it to become the building’s main lobby along with planned building amenities. The new building will offer top-quality, state-of-the-art architecture and efficiencies to create a trophy-class experience. 699 Fourteenth is scheduled to deliver 4Q 2019.
“Lincoln Property Company, in conjunction with Pearlmark, is thrilled to offer best-in-class development and leasing of one of the East End’s few remaining ground-up development sites. With 699 14th Street’s proximity to the White House and the historic nature of the site, this is truly a once in a generation opportunity for all involved including its prospective tenants” said Brandon Ernst, Senior Executive Vice President of Lincoln’s D.C. Region, “this project will dramatically improve the quality of the neighborhood”.
Matt Haley and Ryan Kruzel were the lead executives on the transaction for Pearlmark who made the investment on behalf of a separate account. Mr. Kruzel stated, “We are excited to have acquired 699 14th Street NW and look forward to developing a top-tier office building in an irreplaceable location with our partner, Lincoln Property Company.”
Lincoln Property Company’s D.C. team of John Marvin Jones and Adam Biberaj will handle office leasing. Joe Falcone of Lincoln’s retail group will focus on the retail leasing efforts. Shalom Baranes Associates, the building architect and Goulston & Storrs, zoning counsel, were instrumental in achieving approvals from both the Historic Preservation Review Board as well as the Board of Zoning Adjustment.
About Lincoln Property Company
Lincoln Property Company, founded in 1965, is a Dallas, Texas based global real estate company with offices in more than 200 cities in the United States and ten countries throughout Europe. As a privately held real estate firm, it provides real estate investment, property management, development and leasing services worldwide. Lincoln Property Company has offices in all major markets of the U.S. and throughout Europe. Lincoln Property Company currently has $30 billion in total assets under management and has developed 138 million square feet of office, residential and industrial space. Lincoln Property Company is one of the largest privately held commercial real estate companies in the United States. For more information on Lincoln Property Company, please call 202.513.6700 or lpcwashington.wpengine.com
Chicago-based Pearlmark is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts. Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of nearly $13 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed over $5.0 billion of equity capital to the firm’s investment activities. The company currently employs approximately 20 professionals. For more information, please visit www.pearlmark.com.