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Montclif buys historic Hamilton Square in downtown Washington for $126M
The 278,000-square-foot building is fully leased and received a major debt package via an $84.6M Athene loan, according to deed records.
Montclif, a new real estate investment firm aimed at discounted office buildings, bought Hamilton Square at 600 14th St. NW in Washington, D.C., for $126M, according to a Bisnow report.
The 278K SF property, built in 1929 and listed on the National Register of Historic Places, was purchased from CommonWealth Partners, which bought it for $198M in 2012, deed records cited by Bisnow show.
Deed records also indicate the partnership secured an $84.6M loan from Athene Annuity and Life Co., a subsidiary of Apollo Global Management. The building is fully leased, with tenants including IBM and GE, while Convene Hospitality Group expanded to 80K SF in the first quarter.
Bisnow reports the owners plan select operational and capital enhancements to build on a $17M renovation completed in 2020. Montclif was founded in April by Erik Weinberg and Jackson Prentice, and it is targeting $1B of investment across the East Coast and Sun Belt through joint ventures for deals in the $30M to $150M range.