Penn is located a block away from the White House in Washington, D.C., and in close proximity to the International Monetary Fund, the World Bank and the Federal Reserve. The Property is located within a highly amenitised mixed-use location that is walking distance away from multiple Metrorail stations and provides easy access to highways for suburban car commuters.
Washington, D.C. consistently ranks as one of the highest-income and most educated markets in the country, while also boasting fast population growth with net positive migration. Given these characteristics, corporates have pursued expansion opportunities in the metro area of Washington, D.C. to take advantage of the talented and skilled workforce. Proximity to the U.S. Federal Government's Executive Branch is a key factor driving the strength and durability of the CBD submarket. The “Pennsylvania Avenue” location is regarded as the preferred address for high-profile law firms, international agencies, associations and political think tanks. Due to the CBD's irreplaceable location and durable characteristics, underpinned by its transportation infrastructure, the CBD submarket is expected to remain as Washington, D.C.'s pre-eminent commercial district. Penn is surrounded by a good retail amenity base and it also offers convenient access to numerous fine dining establishments, private clubs and quality hotels.
Penn is a 13-storey Class A office building with almost 280,000 sq ft of net lettable area, located in Washington, D.C. The Property was constructed in 1964 and underwent significant renovations from 2012 to 2018, which included a refurbished two-storey main lobby welcoming guests and tenants with contemporary millwork and stone floors, as well as overhauls of the restrooms and common corridors. The property has been awarded the Energy Star Certification by the U.S. Environmental Protection Agency. Penn's on-site amenities include a gourmet sandwich shop, U.S. Post Office, a new fully equipped tenant-only fitness centre with towel service and a three-level basement parking garage as well as secured bike storage.