CONTACT: Pembroke Real Estate
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Pembroke Real Estate, the real estate acquisition and development arm of Boston-based Fidelity Investments, today announced the purchase of 1201-1225 New York Avenue in Washington, D.C. The property, which is 13-stories and 413,000 square-feet of Class A office and retail space, is Pembroke’s second acquisition in the U.S. capital and its fourth globally in the past 12 months.

The property occupies nearly a full block with frontage along three East End streets: New York Avenue, 12th Street and Eye Street. It is in close proximity to Metro access, three of the District’s largest parks and a number of retail, restaurant and business amenities, including the recently developed MCI Center and the new convention center.

"The property at 1201-1225 New York Avenue represents a high quality asset in a superior location," said Edward C. Johnson IV, senior vice president, North America for Pembroke Real Estate. "With the planned new developments, including mixed-use redevelopment of the old convention center site, the area is positioned to become an even more vibrant and desirable location.

"Building off of our 1801 Pennsylvania Avenue acquisition in early 2006, the District continues to be an important component of our global real estate portfolio – it is one of the best performing major U.S. markets and has consistently shown some of the highest occupancy rates in the nation,1" said Johnson. "We see significant long-term value in the D.C. commercial real estate market and will continue to look for high-quality investment opportunities in the area."

While Pembroke continues to identify new properties in the U.S., it also continues to expand its international portfolio, with its seventh London property, 3 & 10 Finsbury Square, acquired earlier this month. Pembroke manages more than 3.2 million square feet of commercial and residential space worldwide, including signature properties in Boston, London, San Francisco, Tokyo and Washington, D.C.

The property at 1201-1225 New York Avenue will be held by an affiliate of Pembroke. Pembroke acted as advisor to the affiliate in the transaction.

About Pembroke Real Estate

Pembroke Real Estate is the real estate investment and development arm of Fidelity Investments, one of the world’s largest financial services organizations. Pembroke and its affiliates specialize in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide, including London, Tokyo, San Francisco, Boston and Washington, D.C. 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 www.pembrokere.com.

1 Employment growth in the Washington, D.C. has been above the national average, reflecting a compounded annual growth rate of 2.6% for the last three years. Source: Moody’s Economy.com; The vacancy rate in Washington, D.C., currently 6.3%, has been among the lowest in the nation for the last eight years. Source: CB Richard Ellis.

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