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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.