NEW YORK, Dec. 17, 2020 /– A joint venture between MC Real Estate Partners (MCRE) and an international family office has acquired 1000 F Street in Washington D.C.’s East End submarket from Douglas Development in a transaction valued at approximately $106 million. The deal marks the second D.C. area acquisition for the recently formed MCRE, whose founders Andy Nathan and Steve Grant have been active in the Washington market for the past 25 years.
The fully leased 95,000 square-foot property was completed in 2017, seamlessly incorporating a new, glass-lined, state-of-the-art office building into a two-story historic structure.
“MCRE is thrilled to have completed the acquisition of 1000 F Street, our second D.C. acquisition under our current platform. The purchase of this fully leased trophy level property is wholly consistent with our mission of pursuing acquisitions that best match the capital requirements of our partners across economic cycles,” said Andy Nathan, a managing principal of MCRE. “Douglas Development did an outstanding job with 1000 F. The property has all a tenant could ask for – dramatic ceiling heights, boutique floor plates, private terraces on five floors and terrific access to mass transit and area amenities. This is simply an outstanding long-term investment.”
MCRE is a vertically integrated real estate investment partnership founded in 2019 to focus on investment, development and asset management of office properties in the Washington, DC, New York and Boston metro markets. With the addition of 1000 F Street, MCRE’s portfolio of core and value-add assets exceeds a million square feet in nine properties valued at approximately $600 million across those three markets.
“It has been a great pleasure to work with MCRE and their partner to complete this important transaction. Their team got it done in a professional and expeditious manner,” said Norman Jemal of Douglas Development. “We are proud of what we accomplished with 1000 F Street – the roster of tenants speaks to the spectacular quality and location. We are confident the new ownership team will be a great long-term steward for the property.”
Douglas Development was represented by the Washington D.C. office of Eastdil Secured.
MCRE’s managing principals Grant and Nathan were senior Tishman Speyer executives prior to operating two successful, independent boutique real estate platforms. Their ClearRock Properties and Meritage Properties, to which MCRE is now the successor firm, had combined portfolios of more than six million square feet valued in excess of $3 billion. MCRE’s founders have a stellar investing and operating history, a deep network of industry relationships, complementary institutional proficiencies, and a proven ability to preserve and create value. MCRE utilizes these resources to invest across the risk spectrum alongside a valued group of institutional and private capital partners.
About MC Real Estate Partners LLC
MC Real Estate Partners LLC (“MCRE”) is a privately-held owner/operator of office properties in the New York, Boston, and Washington, D.C. metro areas. Established in 2019 by Andy Nathan and Steve Grant, MCRE reflects the evolution of the founders’ 20-year relationship and builds on the legacy of their predecessor firms – Meritage Properties and ClearRock Properties. Combined, these firms executed nearly 50 transactions totaling over 6 million square feet valued over $3 billion.
MCRE delivers a unique blend of institutional, global transaction, development and asset management experience with the entrepreneurial drive and nimbleness of a locally focused boutique firm. MCRE offers a vertically integrated platform to private and institutional capital partners investing across the risk spectrum, adding value throughout each investment’s lifecycle.
About Douglas Development
For three decades, Douglas Development Corporation has garnered redevelopment successes in the District of Columbia, as well as in suburban Virginia and Maryland. Douglas Development has earned a reputation for revitalizing underdeveloped, emerging areas and continues to win praise from local government authorities, community members, neighbors, and the real estate community at large.
Founder and President Douglas Jemal established Douglas Development in 1985. While the company remains a privately operated and family-owned and controlled company, it has since grown into a fully integrated real estate company with over 260 properties spanning over 13.2 million square feet, including office, retail, multifamily, industrial, hospitality and education properties. Douglas Development is well-established as one of the most dominant and successful real estate developers in the Washington Metropolitan area.
SOURCE MC Real Estate Partners
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