News

D.C.'s 1750 K St. Fetches $47M

The nation's capital can tack on another trade. The Bernstein Co. paid $47.3 million for 1750 K St., a 152,500-square-foot property in the city's downtown.

The St. Joe Co., a public owner located in Jacksonville, Fla., sold the Class B building, which is 89 percent leased. Law firm Wiley Rein & Fielding L.L.P. is the property's largest tenant, occupying 108,000 square feet.

"(The building) is in a terrific location, close to a brand new building that is state-of-the-art" and near a major transportation hub, said Jim Meisel, an executive director at Advantis Real Estate Services Co., who brokered the deal with Dek Potts.

The sale was the latest in a string of big buys in Washington, D.C. Through the first six months of this year, more than $1.3 billion worth of properties traded hands, with at least six selling for more than $100 million.

In recent weeks, Broadway Real Estate Partners L.L.C. acquired 1325 G St., a 306,500-square-foot building, for $109.7 million, M&J Wilkow Ltd. bought 2121 K St. for $49.8 million and Wells Real Estate Investment Trust purchased 80 M St., a 275,000-square-foot property, for $105 million. 

"The alternative investment markets are not healthy," said Meisel. "Boston and San Francisco are not healthy, which is bringing people here. They are looking for a more stable environment and D.C. has been it."


Source: Commercial Property News
Author: Neil Weilheimer, Executive Editor