For Immediate Release – Washington, D.C. – September 16, 2008 – J Street Development announced today its acquisition through a joint venture of 666 11th Street, NW, a 109,959 square foot, 11-story corner office building in the heart of downtown Washington, D.C.. The joint venture is with a fund advised by the U.S real estate business of UBS Global Asset Management.
J Street Development President, Bruce Baschuk, commented, “As a Washington-based company with years of on-the- ground experience, we knew there were great opportunities to be found in this market.” Mr. Baschuk continued, “666 11th Street gives J Street and our financial partner, UBS, a tremendous opportunity to create value to a perfectly located asset. With improved property management and leasing through our affiliate, Woodmark, we plan to implement a
substantial renovation and fully reposition this asset in the market.”
666 11th Street is strategically located at the corner of 11th and G Streets, NW, with views from three sides and appealing 10,000 square foot floor plates. Built in 1968 and positioned on top of the Metro Center station, this property is one of few in the Washington Metro area to be walking distance from all five Metrorail lines. The three-level garage has already undergone extensive renovations and has a high window ratio, ten foot two inch ceiling heights on floors 2
through 10, and a low core factor.
The J Street venture renovation plans include upgrades and restorations to the exterior façade and entry, main lobby, common area corridors and restrooms.
About UBS Global Asset Management, Global Real Estate – US
With 30 years of real estate investment advisory experience, the US real estate business of UBS Global Asset Management has over $17 billion under management on behalf of over 260 clients. A multi disciplined real estate organization, it is headquartered in Hartford, Connecticut with regional offices in San Francisco, Dallas and New York.
In addition to its U.S. real estate business, UBS Global Asset Management, Global Real Estate also manages investments in Europe, Asia and Australia, totaling over $51 billion in real estate and real estate securities worldwide. In the US it operates through its legal entities, UBS Realty Investors LLC and UBS AgriVest LLC, registered investment advisors.
www.ubs.com/realestate
About J Street Development
J Street Development is focused on the acquisition, development and redevelopment of office and mixed-use properties in Washington, DC. Committed to the creation of environments that deliver value to neighborhoods and investors alike, the company’s efforts emphasize urban revitalization. One of Washington’s most active urban developers, J Street has more than one million square feet of mixed-use projects under development in the City today, including 111 K Street, NE, a 90,000 square foot office condominium now under construction and 100 K Street, NE, a 200,000 square foot office condominium in development.
The J Street Companies, through affiliated companies Randall Hagner, J Street Development and now, Woodmark, offer a complete array of real estate services including residential sales, commercial sales and leasing, property management, development, project management and capital markets.
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