Carr Properties Acquires 1401 New York Avenue NW

Carr to reposition the Class-A office building one block from the White House into a Premium Plus, trophy-quality workplace through elevated amenity upgrades

Carr Properties, a leading owner, operator, and developer of premium office and residential properties, today announced the acquisition of 1401 New York Avenue NW, a 211,500-square-foot, 12-story Class-A office building in downtown Washington, D.C. Carr acquired the property in partnership with Barings, one of the world’s leading investment managers. The partnership plans to implement a capital improvement program designed to elevate the building to trophy-quality consistent with Carr’s strategy.

“Our acquisition of 1401 New York Avenue NW is consistent with our strategy of owning and operating differentiated, high-quality buildings in our core markets,” said Oliver Carr, CEO of Carr Properties. “The building’s premium quality, prominent visibility, and proximity to the White House position it well to capture growing leasing demand for high quality office space. Once we complete our planned building enhancements, we believe that 1401 New York will be positioned to capture outsized leasing demand as a premiere DC building.”

Planned renovations consist of an upgraded rooftop including the addition of an enclosed interior space for functions and events.  Additionally, the lobby will be updated to include new finishes, art, FF&E and security measures. Updates to the existing fitness center, and conference facilities are also planned.

“1401 New York Avenue NW is a highly differentiated office asset in one of the most established locations in Washington, D.C.,” said John Kolb, Managing Director at Barings. “Our existing partnership with Carr has demonstrated the value of their hands-on management approach and ability to successfully enhance office properties. We’re pleased to build on that relationship as we reposition the property and look toward its next phase of value.”

Located at the intersection of three major downtown streets, 1401 New York Avenue NW features a floor-to-ceiling glass façade with two corner exposures and views of the White House and Washington Monument from the rooftop. The building is LEED Gold certified and currently houses a number of prominent customers, including Boies Schiller Flexner, Capstone, Vedder Price, and Nossaman. The property is expected to continue serving law firms and financial services firms seeking proximity to the White House and nearby federal institutions, as well as access to the broader downtown business district.

Eastdil Secured represented the seller in the transaction.