Makoto Okuyama, president of Sumitomo, says this deal represents the firm's last property in the US and fulfills the company's goal to become a full-service brokerage company. Greenwich Capital Financial Products, Inc. funded the sale.
The building, which was renovated in 1992, is located on the south side of Washington's K Street office corridor between 17th and 18th Streets. About two-thirds of the 142,904 sf of office space is leased to the law firm of Wiley, Rein & Fielding, which also occupies a significant portion of the contiguous building at 1776 K St. The two structures are inter-connected on three floors.
The office building features 9,807 sf of retail space at ground level, plus a three-story, below-grade garage covering 43,961 sf and accommodating 150 to 200 cars.
Sumitomo is the subsidiary of Sumitomo Real Estate Sales Co. Ltd., a member of the 400-year-old Sumitomo Group of companies headquartered in Tokyo.
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