Less than two weeks ago Manulife Financial's real estate business purchased 1750 Pennsylvania Avenue (IAR, 11 September, John Hancock buys prime Washington property). Both buildings are located close to the White House.
The 8th Street building is a class A, 325,361 sq ft building. The price paid by Prudential Real Estate Investors (PREI) hasn't been revealed.
"500 8th Street is a trophy asset with modern, high-quality finishes in one of Washington, DC's, premier office submarkets," said Kevin Smith, head of Americas for PREI, adding, it "is well-positioned to generate strong and stable cash flows for our investors."
PREI had gross global assets under management of $61.5bn ($45.7bn net) at 30 June 2015.
People:Kevin Smith
