Wednesday, April 18, 2012
NEW BOSTON FUND ACQUIRES 67,000 SQUARE FEET AT 111 K STREET NE
Class A office property includes rooftop terrace with 360 degree city views
Washington, D.C. (April 18, 2012) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has acquired 67,000 square feet of leasable office space at 111 K Street NE. New Boston will lease the building to tenants seeking trophy-quality office space in the NoMa/Capitol Hill submarkets of downtown Washington, D.C.
Developed by J Street Companies and completed in 2010, 111 K Street NE is a Class A, 11-story building located at the corner of First and K streets NE. Each floor of the building provides unobstructed, 360 degree window lines and the building’s landscaped rooftop terrace offers panoramic views of the city including the U.S. Capitol Building. The building was built to LEED standards with green features that include a storm water management plan to reduce runoff, a green roof, water conserving plumbing features and recycled building materials.
“New Boston Fund is proud to have acquired this Class A office property that was developed to the highest standards for office properties in downtown Washington, DC,” said Pat Shooltz, Senior Vice President and Regional Director of New Boston Fund’s Mid-Atlantic region. “111 K Street NE will allow New Boston to offer smaller Washington tenants the quality, prominence, views and amenities of a trophy building that are typically only available to much larger tenants in the District.”
111 K Street NE is conveniently located between the New York Avenue Metro Station and Union Station, providing unrivaled access to all of Washington, D.C.’s transportation services. The contemporary, all-glass Gensler-designed structure features 9-foot ceilings, a 3,000-square-foot shared conference center, locker rooms and shower facilities and private, reserved underground parking.
Jud Ryan of Cassidy Turley represented J Street Companies in the sale of the building. New Boston purchased the property as part of New Boston Fund VII and does not disclose acquisition prices.
New Boston has selected Geoffrey M. Kieffer and Andrew T. Wolf of J Street as its agents to lease the property.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
About The J Street Companies
The J Street Companies offers a complete array of real estate services including commercial sales and leasing, residential sales, property management, development and project management. J Street manages more than 4 million square feet of commercial and multi-family property and has an experienced project management team that has managed over 8 million square feet of tenant build outs and base building construction. Since 2000, the company has accomplished more than 500 leasing and investment sales transactions with an aggregate value of more than $1 billion. For more information on the J Street Companies, please visit us at www.jstreetcompanies.com .
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