820 First Street, a.k.a. the CNN Building, sits across the street from Washington D.C.’s Union Station and has a commanding view of the Capitol Building only a few blocks away. BSW and its clients recently invested in this 298,000 square foot office building in partnership with Harbor Group.
Since the 2008 recession, the Washington market has been one of the few bright spots in commercial office real estate. 820 First Street in particular enjoys a unique location in a very attractive submarket of Washington within a block of Union Station, a major mass transit hub in the city and a site slated for extensive redevelopment.
Though the property is currently 99% leased, expiring leases will create an opportunity next year to remarket some of the space at higher prevailing rates. In a strong office market like Washington, this can meaningfully improve the performance of a building. Harbor Group will draw on its vast experience, resources and network to lease up this space.
If you followed the election coverage on CNN you more than likely saw the inside of this building. In 2012 the largest tenant, CNN completed the construction of its election coverage studio from where it broadcast election-day results. CNN leases several floors and has made extensive investment in suiting the space to their long-term needs.
BSW’s Elias Bachmann and Harbor Group’s Samuel Reichmann take over the CNN broadcast desk on a recent visit to the building.
–Elias Bachmann, Portfolio Manager