IBG/Greenfield Joint Venture Buys 1750 K St.

WASHINGTON, DC–A New York City real estate firm recently brokered sale of a 12-story office building here at 1750 K St. Sumitomo Real Estate Sales sold the property for $32.5 million to GIBG 1750 LLC, a joint venture of IBG Partners LLC of Washington and a real estate fund managed by Greenfield Partners, LLC of Westport, CT.

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.