FIRST STREET - HFF
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FIRST STREET EXECUTIVE SUMMARY
Transcript of FIRST STREET - HFF
FIRST STREET
E X E C U T I V E S U M M A R Y
Holliday Fenoglio Fowler, L.P. (“HFF”), as exclusive representative for the Owner, is pleased to present this offering for the sale of 1100 First Street NE (“1100 First” or the “Property”), a 348,967 RSF, Class A office building located in the NoMa (North of Massachusetts Avenue) submarket of Washington, DC. 99% leased to 7 tenants with a weighted average remaining lease term of over 7 years, 1100 First is NoMa’s highest quality office asset and has attracted the submarket’s premier private sector tenancy. In addition, 53% of the building’s rentable area is leased to, and backed by, the full faith and credit of the United States Government.
Designed by renowned architect Krueck & Sexton, 1100 First features 4 sides of glass, ± 30,000 RSF floor plates, and a folded glass curtain wall that maximizes daylight to interior office space. The Property is located in the heart of NoMa, Washington, DC’s most rapidly evolving submarket and home to Union Station, which offers 10 modes of transportation throughout the Mid-Atlantic and Northeast. The NoMa-Gallaudet U Metrorail Station (Red Line) is also only a 7 minute walk from the Property.
Accordingly, this core investment offering represents an outstanding opportunity to acquire a secure, long-term, appreciating cash flow, while also benefiting from embedded upside associated with the potential re-tenanting of the asset’s GSA tenancy with private sector tenants, as NoMa continues to evolve into a preeminent transit-oriented, mixed-use community.
THE OFFERING
FIRST STREET
INVESTMENT HIGHLIGHTS
� Best-in-Submarket Asset Featuring NoMa’s Premier Private Sector Tenancy
� LEED® Gold Construction Offering 4 Sides of Glass & Ample Daylight
� 99% Leased to 7 Tenants with Outstanding Term & Credit
� 53% of the Property’s Rentable Area is Backed by the Full Faith & Credit of the US Government
� Unrivaled Northeast Corridor Connectivity Anchored by Union Station
� 24-7 Amenity Access with Proximity to Washington, DC’s Most Vibrant Social Scenes
� Residential Development Fueling Ongoing NoMa Population Growth
� Place Making Developments Continuing NoMa’s Evolution into Preeminent Transit-Oriented, Mixed-Use Community
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INVESTMENT HIGHLIGHTS
� Best-in-Submarket Asset Featuring NoMa’s Premier Private Sector Tenancy
� LEED® Gold Construction Offering 4 Sides of Glass & Ample Daylight
� 99% Leased to 7 Tenants with Outstanding Term & Credit
� 53% of the Property’s Rentable Area is Backed by the Full Faith & Credit of the US Government
� Unrivaled Northeast Corridor Connectivity Anchored by Union Station
� 24-7 Amenity Access with Proximity to Washington, DC’s Most Vibrant Social Scenes
� Residential Development Fueling Ongoing NoMa Population Growth
� Place Making Developments Continuing NoMa’s Evolution into Preeminent Transit-Oriented, Mixed-Use Community
NOMA’S PREMIER OFFICE ASSET ATTRACTS PREMIER PRIVATE SECTOR TENANCY
1100 First is a LEED® Gold, Krueck & Sexton-designed Class A office building constructed in 2009. The asset features 4 sides of glass, ± 30,000 RSF floor plates, and a folded façade that provides ample natural daylight to interior spaces. The Property’s high-performance, reflective curtain wall and two-story glass lobby result in a readily recognizable identity to the 5 million passengers that pass the asset annually traveling to and from Union Station. These considerations have in turn attracted the submarket’s premier private sector tenants to 1100 First on a long-term basis.
99% LEASED WITH OUTSTANDING TERM & CREDIT
1100 First is 99% leased to 7 tenants with a weighted average remaining lease term of over 7 years. Renowned think tank Mathematica Policy Research occupies 36% of the Property’s rentable area through October 2026 with no termination options, while the Property has also attracted an outstanding roster of additional private sector tenants. The remaining 53% of the asset is occupied by the U.S. Department of Veterans’ Affairs and the U.S. Federal Energy Regulatory Commission – both backed by the full faith and credit of the United States Government.
UNRIVALED REGIONAL CONNECTIVITY
Located only 3 blocks south of 1100 First, Union Station is the 2nd busiest train station in the nation, serving an estimated 40 million visitors annually. The station offers 10 modes of transportation, including Amtrak and Acela, the latter of which allows access to New York City in less than 3 hours. MARC and VRE trains supplement connectivity throughout the region, while Union Station is the busiest Metrorail station in the WMATA Metrorail system (32,000 daily riders). The NoMa-Gallaudet U Metrorail Station also provides Red Line Metrorail access within a 7 minute walk of the Property, and local connectivity in the submarket is provided by the DC Circulator, Metrobus, and Capital Bikeshare.
PROPERTY SUMMARY
Address 1100 First Street NEWashington, DC 20002
Rentable Area 348,967 RSF Built 2009Stories 12Typical Floor Plate ± 30,000 RSFParking 0.9 spaces per 1,000 SF (309 spaces) Zoning C-3-C % Leased 99%Term 7.2 Years WALT
NoMa-Gallaudet U
Union Station
CONSTITUTION AVE, NE
EAST CAPITOL ST, NE
NEW YORK AVE, NW
MARYLAND AVE, N
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MASSACHUSETTS AVE, NE
F ST, NE
C ST, NE
D ST, NE
A ST, NE
E ST, NE
H ST, NE
K ST, NE
L ST, NW
M ST, NE
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5TH
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ENEW JERSEY AVE, NW
NORT
H CA
PITO
L ST
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FIRS
T ST
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I ST, NE
H STREET STREETCARH STREET STREETCAR
LEGENDLEGENDRESTAURANTRESTAURANT
RETAILRETAILGROCERYGROCERY
ALL THINGS OLIVEALL THINGS OLIVE
BUFFALO & BERGENBUFFALO & BERGEN CURBSIDE CUPCAKESCURBSIDE CUPCAKESHARVEY’S MARKETHARVEY’S MARKETLYON BAKERYLYON BAKERY
NEOPOL SAVORY SMOKERYNEOPOL SAVORY SMOKERYMASSERIAMASSERIA
OH! PICKLESOH! PICKLESPEREGRINE ESPRESSOPEREGRINE ESPRESSORED APRON BUTCHERYRED APRON BUTCHERY
RIGHTEOUS CHEESERIGHTEOUS CHEESE
SALT & SUNDRYSALT & SUNDRY
TAKOREANTAKOREANTRICKLING SPRINGS CREAMERYTRICKLING SPRINGS CREAMERY
UNION MARKETUNION MARKET
THE SPOTTHE SPOT
MAKETTOMAKETTOBEN’S CHILI BOWLBEN’S CHILI BOWLATLAS ROOMATLAS ROOMKAHN’S BAR & GRILLKAHN’S BAR & GRILLKOFFEE BOUTIQUEKOFFEE BOUTIQUESOL MEXICAN GRILLSOL MEXICAN GRILLSMITH COMMONSSMITH COMMONS
DANGEROUSLY DELICIOUS PIES DANGEROUSLY DELICIOUS PIES H STREET COUNTRY CLUB H STREET COUNTRY CLUB STAR & SHAMMROCK STAR & SHAMMROCK
ROCK & ROLL HOTELROCK & ROLL HOTELBIERGARTEN HAUSBIERGARTEN HAUSTD BURGERTD BURGER
IMPALA CANTINA Y TAQUERIAIMPALA CANTINA Y TAQUERIATHE ARGONAUTTHE ARGONAUT
TAYLOR GOURMETTAYLOR GOURMET
H & PIZZAH & PIZZACUSBAHCUSBAHTHE QUEEN VICTHE QUEEN VIC
PIZZA PARTS AND SERVICEPIZZA PARTS AND SERVICESTICKY RICE & THE FRUIT BATSTICKY RICE & THE FRUIT BAT
THE LIBERTY TREETHE LIBERTY TREE
BOUNDARY ROADBOUNDARY ROADLE GRENIERLE GRENIERTHE ETHIOPICTHE ETHIOPICBATTER BALL BAKERYBATTER BALL BAKERYTHE BIG BOARDTHE BIG BOARD
TOKITOKI
MAJESTICMAJESTIC
THE PUG & CHURCH AND STATETHE PUG & CHURCH AND STATEDR. GRANVILLE MOORE’S DR. GRANVILLE MOORE’S
HORACE & DICKIE'S SEAFOODHORACE & DICKIE'S SEAFOOD
INSPIRE BBQINSPIRE BBQHIKARI SUSHIHIKARI SUSHI
POBOY JIMPOBOY JIM
BEBOPBEBOPRITE AIDRITE AID
H STREET CORRIDORH STREET CORRIDOR
GALLAUDETUNIVERSITY
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RESULTS GYMRESULTS GYM
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GEORGETOWNVALET DRY CLEANING
GEORGETOWNVALET DRY CLEANING
ROYAL THAIROYAL THAI
AU BON PAINAU BON PAIN MINTMINT
CAFE PHILLIPSCAFE PHILLIPS
SUNRISE CAFESUNRISE CAFE
STATION CAFESTATION CAFE
MOE’S SOUTHWEST GRILLMOE’S SOUTHWEST GRILL
ROTIROTITYNAN COFFEE & TEATYNAN COFFEE & TEACONSTITUTION CAFECONSTITUTION CAFE
POTBELLYPOTBELLY
WEST WING CAFEWEST WING CAFE
FIRST STREET
© Carel Creative
© Carel Creative
ACCESS2ND BUSIEST TRAIN STATION NATIONWIDE~40 MM VISITORS PER YEAR
AMENITIES150+ STORESFOOD COURT WITH DIVERSE DINING OPTIONS
85 Amtrak Trains Daily
30,000 Daily Riders
3 Lines~8,000 Daily Riders
~400 Arrivals/ Departures Daily
57 MARCTrains Daily
32 VRETrains Daily
~22,000 Entries Daily
© Carel Creative
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ROBUST RESIDENTIAL DEVELOPMENT FUELING ONGOING NOMA POPULATION GROWTH
Over 3,400 residential units have delivered within three-quarters of a mile of 1100 First since 2012, while another 2,300 are under construction and 4,700 are in the pipeline. These residential options have converted NoMa from a 9-to-5 government office enclave into a flourishing neighborhood featuring some of Washington, DC’s most desirable and amenitized residential options.
24-7 AMENITY ACCESS; PROXIMITY TO WASHINGTON, DC’S MOST VIBRANT SOCIAL SCENES
Anchored by a 50,000 SF Harris Teeter 1 block north of the Property (in Constitution Square), the NoMa submarket offers all the amenities that a tenant could need within walking distance of the Property. In addition to Harris Teeter, Constitution Square boasts numerous casual dining options, including Roti, Potbelly, and Tynan Coffee and Tea. A 10 minute walk south of the Property, Union Station offers 220,000 SF of premium urban retail with over 150 shops, restaurants, and a food court. Meanwhile, Union Market (4 blocks east of the Property) has evolved into a premier destination where Washington, DC’s most discerning foodies can shop for farm fresh organic produce or select from a variety of permanent and pop-up dining options. Slightly south of Union Market, the H Street Corridor was recently ranked by Forbes as one of “America’s Best Hipster Neighborhoods.” Both Union Market and the H Street Corridor are wildly popular with millennials and have rapidly transformed into the District’s most vibrant social scenes.
PLACE MAKING DEVELOPMENTS TRANSFORMING NOMA INTO PREEMINENT TRANSIT-ORIENTED, MIXED-USE COMMUNITY
Only 3 blocks north of 1100 First and pleasantly walkable by way of the future NoMa Meander, N Street NoMa is the neighborhood’s latest large scale development and will feature a 1,200 seat, 7 screen Landmark Theatre, adding destination retail within walking distance of the Property. Adjacent to 1100 First at the southeast corner of First and L Streets, Storey Park will feature 65,000 SF of street level shops and restaurants, while longer-term Burnham Place (above Union Station’s existing rail lines) will add 14 acres and millions of square feet of new transit-oriented, mixed-use development. These place making developments will continue NoMa’s evolution into one of the preeminent transit-oriented, mixed-use communities in the nation.
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FIRST STREET
DISCLAIMER Holliday Fenoglio Fowler, L.P. (“HFF”) is a District of Columbia licensed real estate broker.
HFF has been engaged by the owner of the asset to market it for sale. Information concerning the asset described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other asset specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
1775 Pennsylvania Avenue, NW, 5th FloorWashington, DC 20006202.533.2500 | www.hfflp.com
INVESTMENT SALES
FINANCING
Stephen C. ConleyExecutive Managing [email protected]
James A. MeiselSenior Managing [email protected]
Stephen “Dek” Potts, Jr.Senior Managing [email protected]
Andrew M. WeirSenior Managing [email protected]
Matthew T. NicholsonAssociate [email protected]
Cary P. AbodManaging Director202.533.2513 [email protected]
