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MIPIM, Cannes

KanAm Grund KAG Takes Iconic Washington, D.C. Trophy Asset to Market

Jones Lang LaSalle exclusive broker for The Evening Star; property expected to garner significant international attention


MIPIM, Cannes 18th March 2010 - Frankfurt-based KanAm Grund Kapitalanlagegesellschaft mbH announced that it has retained Jones Lang LaSalle to market the iconic Washington, D.C. Trophy asset known as the Evening Star building.  The 227,111-square-foot property, located in the city’s East End at 1101 Pennsylvania Avenue, NW, will likely fetch in excess of $180 million.
 
Leading the Jones Lang LaSalle team on this assignment are Managing Directors John Kevill and Collins Ege along with Senior Vice President Jim Molloy and Vice President Sean McDermott.  Also, Steve Collins, Managing Director and head of the firm’s International Capital Group for the Americas will provide support.
 
“The Evening Star has long been considered one of our nation’s capital’s signature buildings and is sure to garner extensive and significant attention from investors from all over the world,” said Kevill.  “KanAm Grund will be able to capitalize on the limited product available in the market as well as the belief that there is tried and true long-term interest in D.C.”
 
The property was originally built in 1898 to house the staff of the Evening Star, the city’s leading newspaper at the time.  With its opulent Beaux-Arts style façade, the property is registered as a Historic Landmark with the National Registry and is the oldest building on Pennsylvania Avenue after the White House.  The 13-story building was built prior to the current setback requirements and thus offers permanently unblocked views of the Capitol on the left and the Treasury Building on the right from the exceptional corner offices.  Amenities include a tenant rooftop terrace, a fitness center and a restaurant.  The property was completely renovated and expanded in 1989 to its current condition.  It is currently 88 percent occupied by high-quality tenants including Citigroup, TIAA, International Paper Company and the Federal Bureau of Investigation.
 
About Jones Lang LaSalle Capital Markets
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.