Zurich-based investment foundation AFIAA has added to its Washington DC portfolio with the acquisition of an ‘exceptional’ building in the heart of Chinatown.
Arch Square, which provides approximately 55,000 sq ft of office and retail space, is located at the corner of 7th and H Streets in a vibrant commercial district, less than a mile from the White House.
AFIAA is believed to have paid the previous owners – a partnership between Washington based Douglas Development and Chicago based McCaffery Interests – around $104 million for the property.
Arch Square, which was renovated in 2012, is fully leased to long-term blue chip tenants with staggered lease terms.
The ground and first floor retail space is anchored by a flagship Walgreens drugstore, while other tenants include national restaurant chain Panera Bread and local athletic retailer Sports Zone Elite. Close to 80 per cent of the building’s rental income is generated by the retail occupiers.
The entire office space is occupied by the headquarters of the Alliance of Automobile Manufacturers which represents 12 of the world’s leading auto manufacturers.
AFIAA, which focuses on international commercial properties, states in a press release that the acquisition of Arch Square continues its growth strategy and is in line with its strategic objectives to increase the US allocation in its equity portfolio investments.
Architects appointed for Manchester New Bailey scheme