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Boyd Watterson to buy Washington, DC, office building for $180M

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Boyd Watterson to buy Washington, DC, office building for $180M

Boyd Watterson Asset Management agreed to purchase the Sentinel Square 1 office building in Washington, D.C., from the Utah Retirement Systems for approximately $180 million, Real Estate Alert reported.

The 413,000-square-foot property at 90 K St. NE is 98% occupied by various federal agencies, with leases on 85% of the space set to expire within three years. The asset is part of the Sentinel Square office complex, which will total 1.3 million square feet when the third and final building is completed.

Separately, State Street Global partnered with Polinger Co. to acquire the 235,000-square-foot office building at 99 M St. SE, also in Washington, D.C., from Skanska USA Inc., the U.S. subsidiary of Swedish developer Skanska, for roughly $170 million, according to the report.

The 11-story property, which includes 11,000 square feet of retail space, had an occupancy rate of 76% when marketing started in September. Skanska has secured additional tenants for the property to increase the occupancy rate to 91% upon completion of a transaction, the report added.