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CONTACT: Pembroke Real Estate
Media
Relations
(617) 563-5800
1801 Pennsylvania Avenue is Pembroke’s
First Acquisition in the District;
New Property Adds to
Growth of the Company’s Investment Portfolio
BOSTON, February 1, 2006 – Pembroke Real Estate, the unit
of Boston-based Fidelity Investments that specializes in the
acquisition, design, development and management of signature
properties worldwide, today announced the purchase of 1801
Pennsylvania Avenue in Washington, D.C.
1801
Pennsylvania Avenue is Pembroke’s first acquisition in
Washington, D.C. The company now owns and manages more
than 2.5 million square feet of commercial and residential
space worldwide, including properties in Boston, San
Francisco, London and Tokyo, and is seeking to continue
growing its investment portfolio in these
markets.
Located on the northwest corner of
Pennsylvania Avenue and 18th Street, 1801 Pennsylvania Avenue
is a 183,000-square-foot office property. It is two
blocks west of the White House, across the street from the
World Bank’s headquarters and diagonally across from the
International Monetary Fund’s headquarters. 1801
Pennsylvania Avenue also is one block south of the Farragut
West Metro station.
“We are excited about the
addition of 1801 Pennsylvania Avenue to our global real estate
investment portfolio,” said Edward Johnson IV, senior vice
president, North America for Pembroke Real Estate, U.S.
“1801 Pennsylvania Avenue is a high-quality property in an
extremely desirable location, and one that will serve as a
core asset to future investment opportunities in the
District.
“We view the District as an important
component of our global real estate strategy, since it
provides significant diversification benefits to our global
portfolio,” said Johnson. “We see substantial long-term
value in the District real estate market and will continue to
pursue high-quality investment opportunities in the
area.”
While Pembroke continues to identify acquisition
opportunities in the U.S., it also continues to expand its
international portfolio. In 2005, Pembroke acquired
three properties in London:
- 20-21 St. James’s Square, a
69,500-square-foot office property comprised of three
adjoining buildings;
- 4 Cannon Street, also known as
Scandinavian House, a 88,000-square-foot office building
overlooking St. Paul’s Cathedral and Gardens; and
- 49 Park Lane, a 28,000-square-foot
office building adjacent to The Dorchester Hotel with
excellent views of Hyde Park.
About Pembroke Real
Estate
Pembroke Real Estate is the real estate
development arm of Fidelity Investments, one of the world’s
largest financial services organizations. The company
currently manages signature properties in major metropolitan
areas worldwide, including projects in London, Tokyo, San
Francisco and Boston. The firm seeks high-quality,
high-profile, well-located acquisition and development
opportunities in the office and residential sectors. For
more information, visit the company’s Web site at http://www.pembrokere.com/.
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