BOSTON,
March 31, 2008 -- Pembroke
Real Estate today announced the acquisition of 1000 and
1010 Vermont
Avenue in Washington,
D.C. The buildings are
Pembroke’s third and fourth acquisitions in the
U.S. capital and
its ninth and tenth globally in the past 18
months.
Built
in 1950 and renovated in 1985, 1000 Vermont
Avenue is Class B office space that
consists of more than 78,000 square feet. 1010 Vermont
Avenue, which was built in 1927,
and renovated in 2001, is Class C office space that consists
of more than 63,000 square feet.
1000
and 1010 Vermont Avenue are
adjacent properties located on the corner of K
Street and Vermont
Avenue on the northeast corner of
McPherson Square Park. The upper floors of
both buildings provide views of the White House, the
Washington
Monument,
Lafayette
Square Park and Franklin
Square Park. The properties are one
block north of the McPherson Square Metrorail Station and
close to 14th Street,
which provides direct access to Northern Virginia and
Reagan National Airport.
“With
solid short-term leasing opportunities, 1000 and 1010 Vermont
Avenue strengthen our D.C.
portfolio and are another example of our investment philosophy
of acquiring properties in prime locations in the District,”
said Edward C. Johnson IV, senior vice president, North America for Pembroke Real
Estate.
“Washington, D.C. continues to be an important
component of our global real estate portfolio -- it is one of
the best performing major U.S. markets and
has consistently shown some of the highest occupancy rates in
the nation.
“We
see significant long-term value in the D.C. commercial real
estate market and will continue to look for high-quality,
well-located, investment opportunities in the area,” said
Johnson.
Significantly
enhanced by the acquisition of 1000 and 1010 Vermont
Avenue, Pembroke’s Washington portfolio
represents over 700,000 square feet. Pembroke acquired
1801 Pennsylvania
Avenue in February 2006, and
1201 New York
Avenue in September
2006.
While
Pembroke continues to identify acquisition opportunities in
the U.S.,
it also continues to expand its
international portfolio by identifying new properties in
Paris, Stockholm, Brussels, London and Tokyo. In fact, over the past
18 months Pembroke has acquired two Paris properties -- 46
Avenue Kléber in November 2007, and 61 Rue Monceau in October
2007; the International Press Centre in Brussels in October
2006; 3 and 10 Finsbury Square in London in August 2006; and
three Tokyo properties -- Moto
Azabu 3 Chome Apartment Redevelopment Site in November
2006,
Moto
Azabu Grand Mansion
in
September 2007, and a prime commercial land parcel in Roppongi
7 Chome in July 2007.
About
Pembroke Real Estate
Pembroke
is the real estate investment and development advisor for
Fidelity Investments, one of the world’s largest financial
services organizations. Backed by Fidelity’s
capital, Pembroke and its affiliates specialize in the
acquisition, design, development and management of signature
properties in major metropolitan areas worldwide. The firm currently
manages more than 3 million square feet (300,000 square
meters) of commercial and residential space in London, Tokyo, Paris, Brussels, Boston and Washington, D.C. Pembroke seeks
high-quality, high-profile, well-located acquisition and
development opportunities in the office, residential and
multi-use sectors. For more information,
visit the company’s Web site at www.pembrokere.com.
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