Spitzer paid for the building with cash, assuming a pre-existing $138 million mortgage. Built in 1984, 615 L was then renovated in 2004 and is 92% occupied. The Washington, DC office of Eastdil Secured acted as sole broker in the transaction.
There are few recent comps with which to compare this trade, given the scarcity of investment sales over the last several months. The closest is 1620 L St., which traded for $61 million or $390.35 per square foot last October. A joint-venture between TIAA-CREF and Blackstone sold the building to the Chicago-based John Buck Co.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
