Banyan Street Pays $28M for DC Office Building

Banyan Street Capital has acquired 1250 H St., a 196,490-square-foot office asset from Equity Commonwealth. The sale price was $27.5 million, public records show. Kairos Investment Management Co. originated a $28.5 million acquisition loan for the transaction.

Also known as Herald Square, the Class A building traded for less than half its 2025 assessed value of $76.2 million, the Washington Business Journal reported. At the time of the deal, the building was 90 percent occupied.

Equity Commonwealth previously purchased the property in 1998 from Gibson Dunn & Crutcher for $59 million, according to CommercialEdge data.

The buyer will also manage the property. Cushman & Wakefield’s Senior Directors Phil Dickinson and Chris Getz, together with Executive Managing Director John Benziger will handle leasing operations.

Upgrades coming to Herald Square

The new ownership plans to renovate and expand the lobby, as well as upgrade the common areas and restrooms. Upgrades will include the addition of a new conference and event space on the second floor, suitable for more than 100 people.

Completed in 1992, the LEED-certified building rises 11 floors and comprises first-floor retail, underground parking, as well as a fitness and wellness center. The tenant roster includes Land Trust Alliance, International Dairy Foods Association, Environmental Council of the States, U.S.-Mexico Foundation and BNY Mellon Wealth Management.

The office building is at the corner of 13th Street, less than half-a-mile from The White House. The Lincoln Memorial, the National Gallery of Art, and the United States Capitol are all within 2 miles of the property.

Earlier this month, Equity Commonwealth sold two other office assets in Austin, Texas, for $64.5 million: the five-building, 440,000-square-foot Bridgepoint Square and the 176,000-square-foot Capitol Tower.