Stroock Represents Carr Properties in Two More D.C. Transactions
Washington, January 23, 2018 — Stroock represented private real estate investment trust Carr Properties in two separate transactions, the sale of 1255 23rd St. NW and the purchase of 350 Morse Street, NE, both in Washington, D.C. These transactions followed quickly on the heels of Stroock’s recent representation of Carr in a $300 million Convertible Debt Investment by Clal Insurance Enterprises Holdings Ltd. It was a busy year-end for both firms.
1255 23rd St. NW is a 341,000-square-foot West End office building with multiple tenants, including the Humane Society of the United States. Carr entered into a joint venture in 2011 to purchase the building. Extensive renovations and upgrades were performed on the building, including a new tenant amenity space, outdoor plaza and other common area improvements. After completing the improvements, Carr signed more than 269,000 square feet of leases at the property.
The Stroock real estate team for the 1255 23rd St. NW transaction included partners Jeff Keitelman and Steven Moskowitz; special counsel Joseph Miller; and associate Kelly Booker.
350 Morse Street, NE, is a to be developed office and retail mixed-use building located in the Union Market area of Washington, D.C. that will be a part of the Market Terminal development. Market Terminal is a mixed-use development site that will consist of a community gathering space with terraced public gardens, parks, a water feature and a retail-anchored pedestrian plaza linking Market Terminal with the Union Market neighborhood.
The Stroock real estate team for the 350 Morse Street, NE transaction included partners Jeff Keitelman and Gail Suchman; special counsel Joseph Miller; and associate Kelly Booker.
Stroock’s 85-member national real estate group helps clients structure, negotiate and close some of the country’s largest commercial real estate transactions including: the development and recapitalization of 10 Hudson Yards in NYC; the redevelopment of the former Washington Post site in the heart of Washington, D.C.; the sale of 1285 Avenue of the Americas located in Rockefeller Center; the sale of the Southeast Financial Center, an iconic office building in downtown Miami; the recapitalization of the Century Plaza Towers, the most recognizable trophy office complex in the Century City area of Los Angeles; the disposition of Two Independence Square serving as the headquarters for NASA in Washington, D.C.; the 1.9 million-square-foot mega-project of Essex Crossing on the Lower East Side of NYC; the acquisition of the Department of Veterans Affairs Hospital in Loma Linda, CA; and the redevelopment of the World Trade Center site in Lower Manhattan.
Carr Properties is a privately held real estate investment trust which maintains ownership of 15 commercial office properties totaling approximately four million square feet, as well as five major development projects, in Washington, D.C., and the close-in urban sub-markets of Maryland and Virginia. Upon completion of its development pipeline, these projects will add an additional 2.4 million square feet of trophy-quality office space to the company’s portfolio.
Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 140 years, the firm has offices in New York, Los Angeles, Miami and Washington, D.C.