Named Development Manager and Leasing Agent for New Ownership
Trammell Crow Company (TCC) and joint venture partners, Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital Real Estate, have completed the sale of the 1.5-acre Sentinel Square III site located at 45 L Street NW, Washington, DC to an institutional investor joint venture advised and managed by MetLife Investment Management.
Anthony Balestrieri, Director and Head of Acquisitions for MetLife Investment Management in Washington DC, said, “We are pleased to partner with Trammell Crow Company on the development of Sentinel Square III. This property represents an opportunity to add a high-quality, materially-leased asset in the NoMa submarket of Washington DC. As an up and coming area which benefits from the NoMa Metro Station and its proximity to Union Station, and with a growing base of residential, retail, hotel and entertainment amenities, we believe NoMa is well positioned to become a great place to live, work and play.”
Sentinel Square III is part of the selling partnership’s three phase, 1.3 million-square-foot office complex. The building, scheduled to deliver in the beginning of 2020, is designed to meet ISC Level IV security protocols, is pursuing LEED® Silver and is part of Trammell Crow Company’s larger “highly secure, environmentally friendly, efficient and affordable” office development program, which includes Patriots Plaza and National Square in Washington DC as well as various build-to-suits nationwide.
“This transaction represents a crucial milestone for the execution of the final phase of our Sentinel Square project,” said Thomas Finan, a Managing Director in TCC’s MidAtlantic office. “Our entire Trammell Crow Company team is honored to have been retained by the MetLife venture to provide development and leasing services for this noteworthy federal facility.”
Bill Collins, Shaun Weinberg and Chris Riley of Cushman & Wakefield represented the Seller in the transaction.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of June 30, 2017, TCC had $5.9 billion of projects in process and $5.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). For more information visit www.TrammellCrow.com.