Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative, is pleased to present this opportunity to purchase 370 L’Enfant Promenade (“370 L’Enfant” or the “Property”), a 407,321 SF Class A office asset located in the heart of Southwest Washington, DC – the most exciting and rapidly transforming submarket in the nation’s capital.
The Property recently underwent a comprehensive $10.3 million base building repositioning and is now is 86% leased to 19 tenants with over 7 years of weighted average lease term (“WALT”). Anchored by the Federal Bureau of Prisons (28%, May-32 LXD, S&P AA+) and the Department of Treasury (10%, Apr-37 LXD, S&P AA+) on a long-term basis, 370 L’Enfant provides stable, diversified cash flow from substantial credit tenancy - 84% of in-place tenants are federal agencies or contract directly with the US federal government.
- Class A office asset that recently underwent an extensive $10.3 million base building repositioning featuring modernized common areas and a spa-quality fitness center
- 86% leased to 19 tenants with over 7 years of WALT with a roster of private and public sector credit tenancy; 84% of in-place tenants are federal agencies or contract directly with the US federal government
- 30% of the RBA has 19 years of historical occupancy on a weighted average basis; sticky tenancy further driven by 19 federal agency headquarters nearby
- Endless amenity offerings within walking distance – direct proximity to L’Enfant Plaza’s retail (50+ shops and restaurants, 120,000 SF) and less than a 5-minute walk to The Wharf (3.2 million SF mixed- use development)
- One block from L’Enfant Metro Station (5 of 6 Metro lines); an above-market parking ratio of 1.2/1,000 SF with direct vehicular access to major thoroughfares such as Constitution Avenue and I-395
- Over 700,000 SF in recent private sector leasing in Southwest with The Wharf achieving some of the District’s top rents; embedded upside as Southwest experiences remarkable rent growth
- Rare opportunity to acquire a recently renovated asset at a significant discount to replacement cost in Washington, DC’s highest growth submarket