St. Joe bought the 118,300-sf, 99%-leased 1133-20th St. NW building from Milwaukee-based Northwestern Mutual Life Insurance Co. for an undisclosed price.
Area brokers familiar with the DC office market tell GlobeSt.com on condition of anonymity a comparable, fully leased central business district property in Washington would go for at least $150 per sf or an estimated $18 million.
"From a risk-adjusted return standpoint, we believe the District of Columbia offers investors a strong real estate market," Scott Kaufmann, director, real estate investments, St. Joe Commercial, says in a prepared statement.
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