Prudential Real Estate Investors Acquires 2100 M Street in Washington, D.C.

Strategic Insights -

Prudential Real Estate Investors (PREI) has made a significant investment in the Washington, D.C. market by acquiring the 2100 M Street office building on behalf of its investors from Consortium Two-2100 M Street. The 298,416-square-foot, Class "A" office building, located in the city's New Downtown Receiving Zone, is 96 percent occupied and features an underground parking garage with 225 spaces.

Key Takeaways:

  • PREI, the real estate investment management business of Prudential Financial, Inc., has acquired the 2100 M Street office building in Washington, D.C. on behalf of its investors.
  • The 298,416-square-foot, Class "A" office building is 96 percent occupied and features an underground parking garage with 225 spaces.
  • The building's 13 tenants include The George Washington University, the United States General Services Administration-Social Security Administration, and the Urban Institute, a prestigious 30-year-old political think tank.
  • PREI managed $14.8 billion in net assets for over 400 clients as of December 31, 2003.
  • The acquisition is part of PRU's efforts to expand its real estate portfolio and provide investment opportunities for its clients.
  • Goodwin Procter LLP represented TMW Property Funds (USA) in the transaction.
  • PREI's acquisition is also part of Prudential Financial's larger strategy to diversify its investments and expand its presence in the real estate market.

Statistics:

  • The 2100 M Street office building spans 298,416 square feet.
  • The building is 96 percent occupied.
  • The building features an underground parking garage with 225 spaces.
  • PREI managed $14.8 billion in net assets as of December 31, 2003.
  • Prudential Financial has approximately $432 billion in total assets under management as of December 31, 2003.

Sources:

  • Business Wire, February 23, 2004
  • "Prudential Real Estate Investors Announces Acquisition of 2100 M Street in Washington, D.C." Press Release, Prudential Financial, February 23, 2004