Savills advises Deka Immobilien on sale of office building in Washington, DC (DE/US)
Thursday 26 July 2012
Savills has advised an open-ended property fund managed by Deka Immobilien of Germany on the sale of The Westory, a class-A office building in downtown Washington, DC.
The property was acquired by a joint venture between a local operator and an insurance company.
“Deka Immobilien was able to leverage Savills’ extensive knowledge of the capital market environment to reap the benefits of a timely and successful exit opportunity,” said Robert Stamm, Managing Director of Savills.
“We worked in partnership with Deka Immobilien to identify and evaluate acquisition prospects, execute a range of due diligence responsibilities, and steadily advance the process from negotiations through execution. The new owners are deeply familiar with the asset and recognize its substantial investment value.”
Situated at 607 14th Street NW, the 270,158 ft² (approx. 25,000 m²) building is centrally located near the White House in the city’s East End submarket. The 12-story, LEED Gold-certified property houses a roster of prominent tenants.
Shalom Baranes, a highly regarded Washington architect, a number of years ago designed a building expansion that integrated modern elements with the building’s historical characteristics.