NEW YORK--(http://www.mfamerica.com, the U.S. operations of Japan’s largest real estate company, announced today the purchase of a 95 percent interest in a venture to develop a 170,000-square-foot, trophy-class, office building at 1200 17th Street NW, Washington, D.C, prominently located in the heart of downtown Washington, D.C. This is MFA’s second investment in the Washington, D.C. market this year and its seventh acquisition in the U.S. since launching a new initiative to expand and refine its portfolio.)--Mitsui Fudosan America, Inc. (MFA)
“We’re excited to expand our presence in Washington, D.C. through acquiring and developing high quality assets in markets with significant growth potential”
“We’re excited to expand our presence in Washington, D.C. through acquiring and developing high quality assets in markets with significant growth potential,” said Yukio Yoshida, President and CEO of MFA. “We are also pleased to be working on this project with Akridge, who has again demonstrated its value as a development partner in this market.”
MFA has entered a joint venture with Akridge, a full service real estate firm, in the purchase and redevelopment of 1200 17th Street. Akridge has acquired and developed more than 12 million-square-feet of commercial space and currently manages four million-square-feet throughout the Washington, D.C. area. In the past, MFA has partnered with Akridge on other investments in commercial properties in Washington, D.C. These include 700 Sixth Street (2006), 1090 Vermont Avenue (2006), and most recently The Homer Building, a landmark office property (2012).
The 1200 17th Street development is in a key location within the central business district of Washington, D.C. The location provides tenants with convenient access to the Metrorail’s Orange, Blue and Red mass transit system. The building was formerly occupied by the National Restaurant Association, and is now under demolition. Construction of the new building will be completed in the fourth quarter of 2014. The development plan targets a LEED Platinum Certification and will encompass broad column spacing, expansive ceilings with excellent window lines on all four sides, a rooftop terrace, and a fitness center. The building is also adjacent to Washington, D.C.’s largest luxury hotel, The Mayflower.
Since 2005, MFA has been engaged in an initiative to expand and refine its portfolio of commercial properties in major business centers. With the 1200 17th Street investment, seven properties have been acquired in Washington, D.C., San Francisco, CA, and New York, NY. Among MFA’s holdings is its flagship property at 1251 Avenue of the Americas in New York, NY.
About Mitsui Fudosan America, Inc.
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York, NY. MFA is the U.S. subsidiary of Mitsui Fudosan Co., Ltd., Japan’s largest publicly quoted real estate company. MFA’s history in the U.S. markets dates back to the early 1970’s and includes its acquisition and redevelopment of the renowned Halekulani Hotel in Waikiki, Hawaii, with additional investments in San Francisco, Los Angeles, Washington, D.C., Chicago and New York. MFA’s flagship commercial property is located at 1251 Avenue of the Americas in New York, one of the city’s most prestigious business addresses.