Loading ...CRE – A Washington DC office building just sold at a shocking 83% ‘discount’ to what it last sold for
The Xerox building sold for $25 million, or $83 per SF. The 300 sq ft tower last sold for $145 million in 2011, acquired by investment firm TIAA. The building is reportedly at least ~38% vacant
Washington DC’s commercial real estate market has gone from scary to cataclysmic and there’s no signs of the troubles slowing any time soon…
“The 300 sq ft tower” More like 300,000 sf.
Anyhow … this is on the south edge of Rosslyn, directly across from Georgetown.
Should be great for apartments/condos. $83/ft starts you cheap, for DC.
Except that Rosslyn is built up with high rises, rather uniquely for the DC metro (except for Pentagon City). Both are empty zones at night, so they are not real livable.
Clarendon (former site of iconic Bardo Brewing) is a short 5 minute walk away, where its far more low rise with homes even. The contrast is clear.
Xerox building ?
Why not just print another one
Sounds like DC is following in the footsteps of San Poopcisco on the left coast.
I suspect this is just one of many that will eventually become public knowledge as Commercial Real Estate collapses.
Many (maybe even most?) of these loans were syndicated which suggests that there are investors that may not yet know they have been left holding the bag. If such syndication was used as derivative collateral than the impact of this one building could represent +$1B in real $$$ losses…..
We “might” be witnessing the beginning of the derivative market collapse (which would likely destroy the entire financial system and implode most banks everywhere)………scary thought…….and a darn good reason for a cyber attack FF event to blame the financial collapse upon!