WASHINGTON, DC — Cushman & Wakefield represented Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor, in the sale of two buildings located at 1501 Pennsylvania Ave. NW and 730 15th St. NW (pictured). The two historically significant properties, which total 117,000 s/f are located one block east of the White House and are fully leased to Bank of America.
Executive directors Eric Berkman and Steven Gichner brokered the transaction on behalf of Cornerstone Real Estate Advisers LLC and its client.
1501 Pennsylvania Ave. NW is a one-story, 5,000 s/f bank branch with a stunning 50 foot high, ornate ceiling. The building was built in 1902 and serves as a Bank of America bank branch. Due to its proximity to the Treasury Department, it was once visible on the ten dollar bill.
730 15th St. NW is a 10-story, 112,000 s/f office building that is connected to 1501 Pennsylvania Ave. The top floor houses a grand ballroom with wraparound windows which provides unobstructed views of Washington’s major monuments, including the White House, Treasury Department, Washington Monument, the Jefferson Memorial, and portions of the National Mall.
“This is an iconic Washington property. It is one of only two private properties facing the White House - with classic architecture and sweeping views over the National Mall,” said Berkman. “No wonder we had so much interest from investors all over the world. There will always be tremendous demand for classic Washington office buildings.”