Germany's Deka Immobilien has purchased the newly built office property '1999 K Street' in Washington DC for $208 mln (about EUR 146 mln). The property was sold by US real estate investment trust Vornado.
Germany's Deka Immobilien has purchased the newly built office property '1999 K Street' in Washington DC for $208 mln (about EUR 146 mln). The property was sold by US real estate investment trust Vornado.
Located in the central business district, the 12-storey landmark building was designed by star architect Helmut Jahn of the firm Murphy/Jahn, and was recently awarded a LEEDS-CS Gold certification for sustainability.
Deka said the office building will be added to the open-ended property fund Deka-ImmobilienGobal. The property is fully leased on a 15-year term to an international law firm.
CB Richard Ellis' buyside investment advisory group, Global Property Advisors (GPA), with the support of the firm's Washington DC Capital Markets team, represented Deka in the transaction.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two investment companies, Deka Immobilien Investment and WestInvest Gesellschaft für Investmentfonds, together manage fund assets of over EUR 19 bn. A sister company, Deka Immobilien is responsible for the acquisition and disposal of properties, asset management and all other services.
