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Hines affiliate sells Washington, DC, property for $135M

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Hines affiliate sells Washington, DC, property for $135M

A Hines Interests LP affiliate divested a building at 55 M St. SE in Washington, D.C., to Spear Street Capital for $135.3 million, the Washington Business Journal reported, citing a deed filed Jan. 17.

Hines acquired the 267,399-square-foot building in December 2013 for $140.9 million, the publication added, citing property records.

The D.C. Department of Transportation, which takes up 150,000 square feet at the property, is set to move out in 2021 and relocate to WC Smith's nearby 175,800-square-foot development at 250 M St. SE.

Other tenants at 55 M St. SE include Sayres and Associates and the Federal Aviation Administration, according to the report.

Hines and Spear Street representatives were not immediately available for comment, the publication added.