Riyad REIT acquires stake in trophy office property in Washington D.C.
17/04/2019 Press Release
Riyad Capital has announced that Riyad REIT has acquired a 40% stake in the leasehold interest (99-year ground lease) of a trophy office building on land area of 2,761 square meters and net leasable area of 31,448 square meter located in Washington, D.C., United States of America. The investment totals SAR 102 million.
The property, which is known as The Presidential Building, is located in Washington, D.C.’s most primary corridor – Pennsylvania Avenue between the U.S. Capitol and the White House. The Presidential Building is located within very close proximity to a host of landmarks and government buildings including: The Federal Trade Commission, US Department of Commerce, and others.
The Property is 100% occupied and predominantly leased for 13 years (with annual escalation) to one of the largest international law firms.
The investment is expected to generate a net yield of 8%+ to Riyad REIT unitholders. The yield is net of all expenses, fees, and projected taxes.