February 21, 2020 – JLL Capital Markets announced today that it has closed the sale of 1313 L Street, an 84,040-square-foot office building positioned in the East End submarket of Washington, D.C. The site is entitled for 180,000 square feet of density.
National Association for the Education of Young Children (NAEYC) selected JLL to represent it in the sale of its headquarters building. Additionally, JLL procured the buyer, a joint venture between Lincoln Property Company and Cadillac Fairview, who will redevelop the site into a Class A apartment project.
1313 L Street has an irreplaceable location in the heart of Washington, D.C.’s live-work-play environment situated just minutes from Midtown Center, the 14th Street Corridor, Logan Circle, Dupont Circle and Shaw. Additionally, the property is walkable to all six Metrorail lines and has excellent multi-modal access to major commuter thoroughfares, including Vermont Avenue, K Street, Massachusetts Avenue and Interstates 66, 395 and 695. 1313 L Street was originally built in 1984 and has served as the NAEYC headquarters since 2006.
The JLL Capital Markets team representing the seller included Dek Potts, Susan Carras, Walter Coker and Brian Crivella. NAEYC engaged Rich Lane and Eric West of West, Lane & Schlager (WLS) to represent them in its overall real estate matters. WLS is advising NAEYC on its relocation to a new headquarters.
Lincoln Property Company’s residential division and Cadillac Fairview recently announced a long-term strategic partnership, followed by the closing of a U.S. multifamily fund with $800 million in equity commitments from Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario.