Chicago, IL (April 6, 2017) – Pearlmark and Lincoln Property Company (“Lincoln”) closed on the development site located at 699 14th Street NW in Washington, D.C. the companies announced today. The 699 14th Street NW development will create a trophy boutique office building at the corner of 14th Street NW and G Street NW in Washington, D.C.’s East End. The development will incorporate the existing historic banking hall which was last occupied by the National Bank of Washington. The asset was acquired in a joint venture and Lincoln has been retained for development, leasing, and management services.
Matt Haley and Ryan Kruzel were the lead executives on the transaction for Pearlmark. Mr. Kruzel stated, “We are excited to have acquired 699 14th Street NW and look forward to developing a top-tier office building in an irreplaceable location with our partner, Lincoln Property Company.”
Property Company, in conjunction with Pearlmark, is thrilled to offer
best-in-class development and leasing of one of the East End’s few remaining
ground-up development sites. With 699 14th Street’s proximity to the
White House and the historic nature of the site, this is truly a once in a
generation opportunity for all involved including its prospective tenant,” said
Brandon Ernst, Senior Executive Vice President of Lincoln’s D.C. Region, “this
project will dramatically improve the quality of the neighborhood.”
Chicago-based Pearlmark is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts. Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of nearly $13 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed over $5.0 billion of equity capital to the firm’s investment activities. The company currently employs approximately 20 professionals. For more information, please visit www.pearlmark.com.