Prudential Real Estate Investors Acquires Class A Office Property in Washington, D.C.

WASHINGTON--(BUSINESS WIRE)-- Prudential Real Estate Investors announced today the acquisition of 500 8th Street, a 10-story office property in Washington, D.C. on behalf of institutional investors. Prudential Real Estate Investors is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU), and operates as Pramerica Real Estate Investors in markets outside the Americas, Korea and Japan.

Developed in 2007, 500 8th Street is a Class A, 325,361 square foot office building with 18,663 square feet of retail and a three-level parking garage. Located in the East End of Washington, D.C., the property is in close proximity to the White House, the U.S. Capitol and the National Mall, and is within two blocks of all six major metro lines.

500 8th Street features a 10-story glass atrium, two distinct marble and granite-finished lobbies, dual rooftop terraces with panoramic views, an onsite fitness center and two art exhibition areas.

“500 8th Street is a trophy asset with modern, high-quality finishes in one of Washington, D.C.’s premier office submarkets,” said Kevin R. Smith, head of Americas for PREI. “With an improving employment outlook and the expectation that tenants’ flight to quality and amenities will continue to drive long-term demand for premier office product in the East End, 500 8th Street is well-positioned to generate strong and stable cash flows for our investors.”

Retail tenants include Penn Social restaurant and bar, Bruegger’s Bagels and the James Beard award-winning restaurant, minibar and barmini.

Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU), and operates as Pramerica Real Estate Investors in markets outside of the Americas, Korea and Japan. Redefining the real estate investing landscape since 1970, PREI has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $61.5 billion ($45.7 billion net) as of June 30, 2015. PREI’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, visit www.prei.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150921006355/en/

Prudential Real Estate Investors
John Chartier, 973-802-9829
[email protected]

Source: Prudential Real Estate Investors

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