On behalf of our client, Network Realty Partners:
Network Realty Partners Scores First Major Acquisition with Union Square in NoMa
Office complex offers releasing, redevelopment opportunities
Washington D.C. (July 30, 2019) – Network Realty Partners (NRP) and equity partner, USAA Real Estate, have acquired the 625,506 square foot Union Square office complex located at 899 and 999 North Capitol Street, NE, in the heart of DC’s rapidly evolving NoMa neighborhood. This is the company’s first major acquisition and is reported to be DC’s largest office sale of this year.
The Union Square complex comprises two 9-story office buildings and a central courtyard development site. NRP intends to introduce a complementary use on the courtyard site and transform the complex into a vibrant 18-hour, mixed-use office environment. NoMa is maturing quickly as thousands of new residential units deliver into DC’s hottest and most connected neighborhood.
“Union Square is a solid long-term investment that fits with our strategy of acquiring significant assets in developing areas where our strategic development, repositioning and office leasing vision can elevate the tenant experience, create an amenitized workplace environment and deliver significant upside potential for our investors,” said Rod Lawrence, a managing partner of NRP and 30-year veteran of prominent Washington-area real estate development firm, JBG. “We are excited about this acquisition and look forward to contributing to the growth and maturation of this exciting NoMa neighborhood.”
Originally constructed in 1969 and renovated in 2012, the Union Square office complex is nearly 90% leased to a variety of government and non-profit tenants. Dek Potts, Jim Meisel, Matt Nicholson and Sean Kraft of JLL were the exclusive brokers in the transaction.
Lawrence and co-founder Bill Morris launched NRP in late 2018 as a diversified real estate investment and development company focused on urban, place-based office and mixed-use properties and investing in transit-oriented metro submarkets. Over the last nine months, the company has assembled a team of talented and highly capable real estate professionals with expertise in development, construction and leasing.
About Network Realty Partners (NRP)
Headquartered in Arlington, VA, Network Realty Partners is a dynamic real estate investment and development company largely comprised of former JBG investment and development professionals. The firm is privately held and led by Rod Lawrence and Bill Morris, who are accomplished commercial real estate executives with more than 70 years of experience leasing, developing and repositioning D.C. Area properties. NRP’s strength centers on urban, place based, mixed-use development and all types of private sector and government office leasing.
USAA Real Estate Company
USAA Real Estate provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. Its portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit usrealco.com.