Boston, MA June 11, 2015 – Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA acquired 645 H Street, NE. This acquisition was led by Steve Centrella, Director, Acquisitions and Chris LaFrance, Associate Director, Acquisitions.
645 H Street, NE, is a 5-story office and retail building originally constructed in 1987 but fully renovated to a Class A standard for the H Street Corridor in 2014. The Property consists of 84,724 rentable square feet and is currently 100% leased to two tenants: CVS in the ground floor retail space and the District of Columbia Department of General Services on floors 2-5. The building offers one level of subterranean parking for 24 spaces. The Property is located in what is known as the H Street Corridor, an area experiencing rapid gentrification and modernization, as evidenced by the developments of over 750 new residential units and over 100,000 square feet of vibrant new retail space including a Whole Foods Market (2016/2017 delivery.) H Street offers quick, convenient access to the U.S. Capitol, Union Station, and Union Market by way of the DC Streetcar with a stop one block from the property. USA Today recently included the H Street Corridor as one of its ‘Top 10 Great Urban Neighborhoods’ while Forbes heralded it as ‘America’s 6th Hippest Neighborhood’. The walk able retail and entertainment neighborhood creates a vibrant live-work-play environment.
Chris LaFrance, Associate Director, Acquisitions commented, “We were initially attracted to H Street because it is an area in transition, as evidenced by the recent Whole Foods built across the street, among other projects. Specifically, we were attracted to the property because it is fully leased to the District government and to CVS. The acquisition represents a well-timed entry point into an emerging submarket with an established presence amongst the local population and strong indicators of future upside potential. This is also our first acquisition in DC, an important market for us. Our plans for the building include implementing an active management strategy to ensure viability for the next 10 years or so.”
Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.