Miami-based real estate investment firm adds to its 10-million-square-foot office portfolio through the acquisition of 1250 H Street
Banyan Street Capital (Banyan) announced today it has acquired 1250 H Street, a 196,490-square-foot, Class A office building in Washington, D.C. This marks the first office acquisition for Banyan’s platform that leverages domestic global high net worth and family offices at a time when many of their traditional institutional office partners remain on the sidelines.
Originally built in 1992 in the East End submarket of D.C., 1250 H Street sits at the prominent corner of 13th Street just a few blocks from the White House and the CityCenterDC mixed-use development, and is just one block from the Metro Center station. The 11-story building features 9’ finished ceilings, expansive window lines, numerous outdoor terraces and efficient, column-free floor plates. In addition, it currently offers amenities including a wellness center and onsite parking.
Banyan’s capital plans will prioritize the tenant experience including a full upscale lobby renovation and expansion, renovations to common areas and restrooms and construction of a new second-floor luxury 100+ person conference and event space. Banyan will also create ready-to-move-in suites that are tailored in size to meet demand for tenants in the D.C. market.
“We are pleased to expand our presence in the mid-Atlantic through the acquisition of 1250 H Street. This unique asset offers a combination of strong, in place cash flow and an attractive average lease term that affords us the ability to reimagine the office experience for both current and future tenants,” said Zac Gruber, President of the Office Division at Banyan. “We have strong conviction in our basis and our ability to extract leasing demand at this phenomenal location and we look forward to this productive new chapter at 1250 H Street.”
Banyan Street Capital will handle property management and oversee the capital improvements, and has retained the Cushman & Wakefield team of Phil Dickinson, John Benziger and Chris Getz to advise and execute on leasing.
For more information about Banyan, visit banyanstreetcapital.com.
About Banyan Street Capital:
Founded in 2012, Banyan Street Capital is a minority-owned, vertically integrated real estate investment firm that executes creative, value-add strategies and delivers high risk-adjusted returns to investors. With its headquarters in Miami, Florida, and regional offices in New York City, Atlanta, and Jacksonville, Florida, the firm owns, develops, and operates a diversified portfolio of office, multifamily and mixed-use properties spanning 10.5 million square feet of office space, 6,500 apartment units and nearly 40,000 parking spaces across the Eastern United States.
