The HFF investment sales team was led by executive managing director Stephen Conley (middle right photo) and managing director Andrew Weir, (middle left photo) who represented the seller, investors advised by Prudential Real Estate Investors. Invesco Real Estate, working on behalf of a pension fund client, purchased the property free and clear of debt for an undisclosed amount.
Potomac Center North is fully leased to the United States Government through 2018 for the headquarters of Immigration and Customs Enforcement, a sub-agency of the Department of Homeland Security.Redeveloped in 2005, the 11-story property is LEED-Silver certified and meets the Department of Justice Level IV security requirements for blast design.
Building amenities include a three-level, 350-space underground parking garage, a cafeteria, a conference/meeting facility and a fitness center. Potomac Center North is located at 500 12th Street, SW close to the L’Enfant Plaza Metro station, which provides access to four subway lines and the Virginia Railway Express commuter rail.
Established in 1993, Invesco Real Estate manages $23 billion of real estate investments in both direct property and real estate securities.
With 221 employees worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence.
The firm manages approximately $19.4 billion in direct real estate portfolios and $5.5 billion in real estate securities portfolios. Invesco Real Estate is an investment center of Invesco Institutional (N.A.), Inc., a subsidiary of Invesco Ltd. (IVZ) which is a publicly traded money management firm.
Contacts:
Stephen C. Conley, HFF Executive Managing Director, (202) 533-2500, sconley@hfflp.com
Andrew M. Weir, HFF Managing Director, (202) 533-2500, aweir@hfflp.com
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